Feb 28, 2022, 10:49am
The market's losses were mitigated by reports that Russian and Ukrainian officials are meeting to discuss a potential end to the conflict.
Markets are taking a hit from uncertainty around the conflict.
The S&P 500 lost 1.1% and the tech-laden Nasdaq was down 1% at the open.
Energy prices surged again on Monday, with the price of oil rising more than 3% to over $100 per barrel, with experts warning that prices could surge higher as a result of the conflict.
The Russian ruble plummeted against the US dollar on Monday, while the Moscow stock exchange was closed and the central bank hiked interest rates.
The United States joined European allies over the weekend in blocking Russian banks from the interbank messaging system SWIFT, which connects more than 11,000 financial institutions in over 200 countries.
Market sentiment was helped by reports that Russian and Ukrainian officials are meeting near the border to negotiate an end to the conflict.
Despite officials meeting for talks, Russia has continued its assault on Ukraine, entering the country's second-largest city over the weekend, despite Ukrainian troops putting up more resistance than expected.
Putin's assault on Ukraine is proving to be a huge mistake for his country as his military fails to capture any major cities while the international community responds with a crushing series of financial counterattacks. While stocks have taken a hit from the ongoing hostilities, investors will be watching closely for updates on the negotiations between Russia and Ukraine.
Markets have been volatile in recent weeks as tensions between Russia and Ukraine have increased, with Russian President Vladimir Putin launching his invasion of the country last Thursday. As reports first emerged about Russia saying it would be open to talks with Ukraine, the stock market rebounded strongly, with the Dow jumping 800 points for its best day since 2020.
Ceasefire talks continue in Kharkiv.
Russia's invasion of Ukraine has sent energy prices soaring.
Russia says it is open to talks with Ukraine.
The stock market briefly fell into a bear market.
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