US stocks fall after choppy session as markets fail to follow up on big weekly rebound

• US stocks finished a choppy session lower on Monday after rebounding sharply last week.
• Oil prices rose amid efforts by G7 countries to try to cap the price that importers pay for Russian crude.

US stocks finished a choppy session lower on Monday after rebounding sharply last week, while investors look to the final trading days of the second quarter.

Last week, the Dow Jones Industrial Average rallied 5.4%, the S&P 500 gained 6.5%, and the Nasdaq Composite jumped 7.5%. The indexes appeared to carry that positive momentum into early trade on Monday, but they eventually turned lower in a volatile session.

Here's where US indexes stood at 4:00 p.m. on Monday:

• S&P 500: 3,900.35, down 0.29%

• Dow Jones Industrial Average: 31,439.58, down 0.19% (61.10 points)

• Nasdaq Composite: 11,506.59, down 0.88%

As Moscow defaulted on its sovereign debt for the first time since 1918, G7 leaders discussed a possible price cap on Russian oil as a way to further squeeze Moscow, which is continuing to reap hefty energy revenues.

Oil shippers are using several tactics to conceal that their crude cargoes are from Russia, including using China's yuan instead of the dollar

The People's Bank of China is building a yuan reserve with five other nations in collaboration with the Bank for International Settlements, as Beijing continues to challenge the dollar's leadership in global finance.

Amid the bitcoin crash, Coinbase stock fell as much as 11% after Goldman Sachs downgraded the crypto exchange to "Sell" from "Neutral" and set a $45 price target, implying potential downside of 23%.

Elsewhere, cryptocurrency hedge fund Three Arrow Capital defaulted on a $650 million loan, highlighting liquidity problems in the sector.

Shares of Digital World Acquisition Corporation, the special purpose acquisition company planning to take former president Donald Trump's social media platform public, slid 10% as the company announced subpoenas had been issued for some members of its board.

Oil prices rallied, with West Texas Intermediate crude up 1.96% to $109.73 per barrel and Brent crude, the international benchmark, up 1.79% to $115.10.

Gold dipped 0.32% to $1,824.40 per ounce. The 10-year yield rose 7 basis points to 3.19%.

Bitcoin slipped 1.92% to $20,850.