US stocks trade mixed as investors watch developments in Ukraine and new sanctions against Russia
- US stock indexes were mixed Monday as investors waited for word on potential new sanctions on Russia.
- The potential for sanctions against Russia's energy market sent oil prices higher.
US stocks were mixed Monday as the first full trading week of April started with Europe weighing new sanctions against Russia for its war against Ukraine, with the potential for new measures sending oil prices marching higher.
European governments have suggested putting new sanctions on Russia following reports of war crimes around the Ukrainian capital Kyiv. Russian troops are accused of killing close to 300 civilians during their occupation of the Kyiv suburb of Bucha. Ukraine's President Volodymyr Zelenskyy posted photos of dead bodies to the Telegram Sunday and called Russian troops "butchers."
France's President Emmanuel Macron said Monday a new round of sanctions is needed, and the European Union's foreign policy chief Josep Borrell said the bloc "will advance, as a matter of urgency, work on further sanctions" against Russia.
"Pressure is ramping up on Brussels to enforce a total ban on Russian energy imports in order to enforce real damage and punishment against the Kremlin for the invasion. Of course, it's easier for some to make such demands than others," said Craig Erlam, senior market analyst at Oanda, in a note Monday.
Oil prices climbed Monday, with West Texas Intermediate crude jumping 2.9% to $102.16 per barrel. Brent crude, the international benchmark, gained 2.4% at $106.94.
Here's where US indexes stood at 9:30 a.m. on Monday:
- S&P 500: 4,547.09, up 0.03%
- Dow Jones Industrial Average: 34,726.04, down 0.26% (92.23 points)
- Nasdaq Composite: 14,303.61, up 0.32%
"We will likely continue to see resistance from Germany and a select few others as they're simply far more reliant on Russian imports of oil, gas and coal. Forecasts for the impact of an embargo vary but it would almost certainly tip the country into recession," said Erlam.
Around the markets, Twitter shares soared after Elon Musk disclosed he has taken a big stake in the social media company.
Gold rose 0.7% to $1,936.30 per ounce. The 10-year yield fell 4 basis points to 2.38%.
Bitcoin fell 0.9% to $46,033.98.