U.S. markets are reeling again Monday following economic data last week that reflected a still-thriving economy and labor market, dampening hopes that the Federal Reserve will cut interest rates substantially this year.
Futures for the S&P 500 dropped 0.8% before the bell and futures for the Dow Jones Industrial Average were down 0.2%.
Oil prices surged close to another 2% to a five-month high after President Joe Biden’s administration expanded sanctions against Russia’s critically important energy sector over its war in Ukraine. The Biden administration said the sanctions announced Friday were the most significant to date against Moscow’s oil and liquefied natural gas sectors, major drivers of Russia’s economy.
U.S. benchmark crude oil surged $1.50 to $78.07 per barrel, while Brent crude, the international standard, rose $1.24 to $81 per barrel.
Shares of U.S. Steel rose 4.3% after the Biden Administration pushed back to June the deadline it imposed for the Pittsburgh company to unwind its proposed acquisition by Japan’s Nippon Steel. The extra time opened up by the deadline postponement was viewed by U.S. Steel — and investors — as an opportunity to for the companies to complete the acquisition. President-elect Donald Trump, who will be in office when the new deadline arrives, also…
