BY THE NUMBERS
Dow futures rose Monday, implying an opening gain of nearly 200 points, although they are off their highs of the morning. S&P 500 futures were higher by 0.3%, while Nasdaq futures gave up their gains and traded in the red. (CNBC)
* 10-year Treasury yield hits 2.08% — its highest point since July 2019
The blue-chip Dow is coming off its fifth-straight negative week for the first time in nearly three years, dropping 2% last week. The 30-stock index is almost 11% below its all-time high on Jan. 5.
The S&P 500 and tech-focused Nasdaq have both finished in the red in four of the past five weeks. The S&P 500 is 12.75% off its Jan. 4 peak, and the Nasdaq is down nearly 21% from its November record high.
There are no government economic reports on Monday's calendar. However, the New York Federal Reserve Bank will be releasing its survey of consumer expectations at 11 a.m. ET.
There are no earnings reports of note scheduled this morning, while Vail Resorts (MTN) and Coupa Software (COUP) will be out with quarterly numbers after today's closing bell.
IN THE NEWS TODAY
Russian and Ukrainian officials held their fourth round of peace talks Monday. One Ukrainian presidential advisor, Mykhailo Podolyak, said on Twitter the discussions were ongoing but "hard." He indicated earlier in the day that Kyiv's objectives were to secure a cease-fire, withdrawal of Russian troops from the country and other security guarantees. (CNBC)
* Russian airstrike escalates offensive in western Ukraine (Associated Press)
* Pregnant woman pictured leaving shelled maternity hospital has died, Ukraine says (NBC News)
National Security Advisor Jake Sullivan is scheduled to meet with China's top diplomat, Yang Jiechi, in Rome on Monday. The planned face-to-face meeting comes after multiple media outlets reported Russia has asked China for military equipment and other aid to sustain its war in Ukraine. Beijing, a close ally of Russia, denied the report Monday. (Associated Press)
* Russia warns it may be forced to pay foreign currency debt in rubles due to sanctions (Reuters)
* If Putin uses chemical weapons in Ukraine it's a 'game changer' for NATO (CNBC)
Covid cases are rising in mainland China, prompting some major cities in the country to place fresh restrictions on business activity and move schools to online instruction. In the manufacturing hub of Shenzhen, businesses that aren't providing essential public services were told to pause production or have employees work remotely for a week. That directive impacts Foxconn, an important Apple supplier that has operations in Shenzhen. (CNBC)
Berkshire Hathaway has added to its new position in Occidental Petroleum. The Warren Buffett-led conglomerate spent over $1.5 billion last week on 27.1 million shares, it said in a regulatory filing. The buys bring Berkshire's stake in Occidental to 118.3 million shares, worth nearly $6.9 billion as of Friday's close. (CNBC)
STOCKS TO WATCH
Uber Technologies (UBER) will impose fuel surcharges for the next two months to offset rising gasoline prices. The increases will be paid directly to drivers for the company's ride-hailing and food delivery services.
Softbank's Vision Fund sold $1 billion of its stake in South Korean software company Coupang (CPNG), according to a regulatory filing. The sale of 50 million shares still leaves the fund with 461.2 million Coupa shares.
Ford Motor (F) is forecasting a 12% drop in U.S. sales this year, according to a report in Automotive News citing people present at a meeting with dealers. The publication said Ford has lost 100,000 units of production so far this year due to parts shortages.
Comcast's (CMCSA) NBCUniversal — the parent company of CNBC — is near a deal with Major League Baseball for exclusive rights to stream games in a new Sunday time slot, according to people familiar with the discussions who spoke to The Wall Street Journal. The deal is said to involve a package of 18 games.
Huntsman (HUN) said proxy advisory firm Glass Lewis has recommended a vote for all the chemical company's director nominees at the annual meeting scheduled for March 25. Activist investor Starboard has nominated its own slate of directors.
Berkshire Hathaway (BRKb) is urging rejection of four shareholder proposals, including the replacement of Warren Buffett as chairman and that Berkshire report on its plans to handle climate risk.
Rio Tinto (RIO) shares are under pressure after the mining company offered to buy the 49% of Canada's Turquoise Hill that it doesn't already own for about $2.7 billion. The price is a more than 32% premium to Turquoise Hill's Friday close.
Tesla (TSLA) CEO Elon Musk said both the automaker and his rocket company SpaceX face significant inflationary pressures, due to rising costs for materials and labor.
Fortive (FTV) was upgraded to "overweight" from "equal weight" at Barclays, with the firm citing valuation for its call on the industrial equipment and machinery maker.