Stocks lose ground on Wall Street, crude oil prices climbclimb

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U.S. futures dipped and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and committed to a price cap of $60 per barrel on Russian exports.

The S&P 500 fell 1.1% as of 10:20 a.m. Eastern. The Dow Jones Industrial Average fell 288 points, or 0.8%, to 34,141 and the Nasdaq fell 1.2%.

Investors are weighing several international developments that could further unsettle a global economy that is already getting burned by stubbornly hot inflation. China is lifting some of its most severe COVID-19 restrictions following protests across major cities. That has raised hopes that disruptions to manufacturing and trade will ease.Inflation, rising interest rates and the potential for recessions throughout global economies are among the biggest concerns for investors.

Tesla fell 5.1% following reports that it may have to cut production in China because of weak demand.

 

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