Stocks fell again on Monday, following four straight weeks of declines, as investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy while raising inflation.
The Dow Jones Industrials gave way 541.51 points, or 1.6%, to 33,073.39.
The S&P 500 lost 69.43 points, or 1.6%, to 4,259.44.
The NASDAQ Composite Index plummeted 214.12 points, or 1.6%, to 13,099.32.
Energy stocks rose alongside the price of oil. Baker Hughes added 5%. Valero Energy and ConocoPhillips rose 2% each. Exxon Mobil rose 2%.
Meanwhile, bank stocks were among the biggest losers, on Monday with Citigroup down 3.9% and U.S. Bancorp down nearly 3% as investors grew concerned about slowing economic growth.
McDonald’s, Starbucks and Nike fell on Monday on concern about $4 gas prices hitting consumers’ wallets. On Sunday, gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA. Airlines, cruise lines and travel stocks decline for the same reason.
Bed, Bath & Beyond soared more than 65% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
Secretary of State Antony Blinken said Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports in response to the country’s attack on Ukraine.
Prices for the 10-year Treasury lost ground, driving yields up to 1.76% from Friday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices spiked $2.97 to $118.65 U.S. per barrel.
Gold prices took on $16.80 to $1.983.46.