(NewsNation) — Wall Street is off to a mixed start Monday. Stock futures continue to rise ahead of an important week where the Federal Reserve could boost interest rates for the first time since 2018.
The ongoing war in Ukraine and rising inflation have weighed heavily on our markets. Russian oil imports is one of the contributing factors. But even so, an exclusive NewsNation poll released last week found that 65% of Americans actually support stronger sanctions against Ukraine, even if they raise prices at the pump.
Investors expect the Fed to announce the first rate increase since 2018 at its March 15-16 meeting to curb surging inflation.
Despite opening in positive territory, the Dow is down nearly 11% Monday morning. The S&P 500 has fallen almost 13% from its record highs in January.
The tech-heavy NASDAQ has suffered the most, though, falling more than 20% from its all-time high in November.
World markets have been rocked by dramatic reversals as investors struggle to guess how Russia’s invasion of Ukraine will affect prices of oil, wheat and other commodities produced in the region.
Ukrainian President Volodymyr Zelenskyy is asking more Western companies to stop conducting business in Russia.
He tweeted, “now can be no half decisions or halftones. There was only black and white, good or evil.”
Zelenskyy called for Microsoft and Oracle to pull their products from Russia. His request comes after Russian President Vladimir Putin said that he may create a path for the government to take over and eventually sell businesses that have quit operating in Russia.
The Associated Press and Reuters contributed to this report.