US: Stocks mostly fall as sanctions on Russia mount

[NEW YORK] Wall Street stocks mostly fell by the close on Monday as tougher sanctions against Russia exacerbated worries over the economic hit from the Ukraine crisis.

After gaining both on Thursday and Friday, stocks were under pressure most of the session as the United States and Canada banned all transactions with Russia's central bank in the latest penalty connected to the Moscow-ordered assault on Ukraine.

Russia's currency plunged, while investors feared already-elevated inflation will worsen as oil prices pushed higher.

"It is nearly impossible to be aggressively bullish given the geopolitical uncertainties and continued upward pressures with inflation," said Oanda's Edward Moya.

The Dow Jones Industrial Average finished down 0.5 per cent at 33,892.60.

The broad-based S&P 500 shed 0.2 per cent to 4,373.94, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 13,751.40.

This week's calendar includes congressional appearances by Federal Reserve Chair Jerome Powell, during which he is expected to focus on the central bank's efforts to counter inflation.

There will also be several key economic reports, including February jobs data.

Among individual companies, First Horizon jumped 28.6 per cent after it agreed to be acquired by TD Bank for US$13.4 billion. TD fell 2.1 per cent.

Lordstown Motors dove nearly 20 per cent as the electric truck startup said it expected to produce only 3,000 vehicles through the end of 2023. The company also said it was searching for additional sources of capital.

Renewable Energy Group surged 40.4 per cent as it announced it would be acquired by Chevron for US$3.15 billion.

The purchase comes as Chevron faces pressure from environmentally focused investors who want it to bolster its climate change mitigation strategy. Chevron gained 1.4 per cent. AFP