Dow Futures Slip, Boeing Slides, Oil Rises with Russia-Ukraine in Focus—and What Else Is Happening in the Stock Market Today

The S&P 500 saw its best week since November 2020 last week.


Ed Jones/AFP via Getty Images

Stocks weren’t doing all that much Monday as markets digest last week’s large gains and the price of oil keeps rising. 

The


Dow Jones Industrial Average

was down 45 points, or 0.1%, while the


S&P 500

was up 0.2% and the


Nasdaq

Composite was 0.1% lower. These moves come after the three indexes had their best weeks since November 2020.

Investors, flush with cash, had been in dip-buying mode last week. Markets have digested that the Federal Reserve is expected to lift interest rates six more times this year to combat inflation, a move that will drag economic growth downward. Meanwhile, some encouraging headlines on diplomatic progress between Russia and Ukraine had offered investors encouragement. 

“A near-term hope trade has emerged,” wrote Dennis DeBusschere, founder of 22VResearech. 

Now, investors are trying to figure out what happens next. Oil might provide a clue Monday, West Texas Intermediate crude gained just over 4% to around $109 a barrel, and is now up more than 45% in 2022. That’s not helping a stock market that has had a difficult time seeing a sustained rally this year.

Even after last week’s rally, the S&P 500 finds itself near the 4,450 level, below the 4,600 level that put a ceiling on markets in February. Breaking that level could determine whether the current rally has legs or is just a bear-market bounce. “Near-term overbought conditions while weekly and monthly momentum remain negative create a difficult spot to chase this rally,” wrote Fundstrat technician Mark Newton. “More conviction is needed.”

The point is that there’s a lot more on the economic growth front that markets need to assess and quantify from here, bringing about some uncertainty. “On the direction of the economy, the trajectory will slow,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory. “What has not been priced in yet fully to stocks, because we just don’t know yet, is the economic impact of this rate move as the economy responds gradually to the new reality.” 

The picture was mixed overseas, where Frankfurt’s


DAX

was flat and Tokyo’s


Nikkei 225

climbed 0.7%.

Here are seven stocks on the move Monday:




Boeing

(ticker: BA) fell more than 6.2% in the U.S.. A Boeing 737 carrying some 130 people crashed in southwest China on Monday.




SAP

(




SAP

) fell 2.5% following news that the chief financial officer at the German software group would resign. Luka Mucic will continue in his role into next year.

Warren Buffett’s




Berkshire Hathaway

(BRK.A and BRK.B) agreed to buy reinsurer




Alleghany

(Y) for $848.02 a share in cash, or about $11.6 billion. The deal represents a 29% premium to Alleghany’s average stock price over the last 30 days, the companies said in a statement. Berkshire’s Class B stock was up 1.7%, while Alleghany stock shot up 26%.

Private-equity group Thoma Bravo has agreed to buy business planning software-maker




Anaplan

(PLNA) for $66 a share, or $10.7 billion. The deal represents about a 46% premium to the volume-weighted average price of




Anaplan

stock for the five days ended March 18, the companies said in a statement. Anaplan stock soared 28%.




Nielsen Holdings

(NLSN) stock fell 10% after the company rejected a $9 billion buyout offer. The stock had gained 40% on news of a potential deal from Mach 11 coming into trading Monday. 




BlackBerry

(BB), known as a “meme stock,” gained 3.1% after getting upgraded to Sector Perform from Underperform at RBC. 

Write to Jack Denton at jack.denton@dowjones.com

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