The stock futures market is not moving after Federal Reserve Chair Powell said the central bank is open to higher rate hikes.
The S&P 500 futures were flat while the futures on the Dow Jones Industrial Average rose 10 points.
Nike shares rose after the retailer reported a beat on the top and bottom lines in the third quarter, thanks to strong demand in North America.
The Monday trading session was volatile as Powell vowed to take necessary steps to curb inflation less than a week after the agency raised rates. Powell said that rates could increase more than 25 basis points if needed.
The five-day winning streak was broken on Monday when the Dow Jones Industrial Average fell 202.94 points. The S&P 500 rose as much as 0.4% during the session, but fell after dipping as much as 1.5% at session lows.
Ed Yardeni, Yardeni Research president and chief investment strategist, told CNBC that the market came back nicely in the last hour of trading.
I think the market is looking for opportunities in areas like energy and commodities. I think the market will find more opportunities in financials as interest rates go up and technology is cheap.
Oil prices rose again on Monday after news that the European Union is considering a ban on Russian oil. The price of West Texas Intermediate andBrent crude rose about 7%. The energy stocks jumped 8% each.
The situation in Eastern Europe continued to be watched by investors on Monday as peace talks between Russia and Ukraine failed to make progress and the port city of Mariupol was refused to be surrendered to Russian forces. One of the worst Covid-19 outbreaks in China since 2020 is being watched by market watchers as it spreads across Europe.
After the bell, Adobe and Poshmark will report their earnings.
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