US stocks retreated from early trading on Tuesday ahead of an impending ban on Russian oil imports
Wall Street withdrew from early trading on Tuesday ahead of an imminent ban on Russian oil imports as investors appeared wary and prices were volatile.
The war in Ukraine continues to affect markets, pushing the prices of oil and other important commodities soaring, raising concerns about inflation.
President Joe Biden was expected to announce a ban on Russian oil imports from the US later Tuesday, which could push prices even further.
After falling nearly 800 points in Monday’s session, the Dow Jones Industrial Average fell 0.1 percent to 32,783.04 about 30 minutes after the opening bell.
The broad-based S&P 500 fell 0.4 percent to 4,185.91, while technology exchange Nasdaq fell 0.6 percent to 12,750.82.
“The sense that it could get worse before it gets better is looming over global markets,” said Patrick J O’Hare of Briefing.com.
Brent crude futures came in at $130 a barrel, while wheat remained near its all-time high along with several industrial metals.
The Federal Reserve will begin raising interest rates next week to ease price pressures, but decision-making will be complicated by the uncertain impact of the war in Ukraine on economic growth.
Mr O’Hare said rising nickel prices will also bite, raising costs for producers.
“It’s also another reminder that the Fed has a real inflation problem,” he said in an analysis.
