US stocks end lower as investors brace for earnings reports

By Aysu Bicer

ANKARA (AA) - US stocks ended lower Monday in a choppy session as investors eyed surging bond yields ahead of a big week for earnings.

Ongoing developments in the Russia-Ukraine war and the possibility of a faster than expected rate hike by the Federal Reserve also weighed on sentiment.

The 10-year Treasury yield reached its highest level since late 2018, at one point trading at 2.884%.

Traders are bracing for a series of earnings reports that could help indicate the impact of the Russia-Ukraine war as well as the effects from inflation.

At least 2,072 civilians have been killed and 2,818 injured in Ukraine so far in the war, according to UN estimates, with the true figure believed to be much higher.

More than 4.9 million Ukrainians have fled to other countries, with over 7 million more internally displaced, said the UN refugee agency.

The World Bank meanwhile has cut its forecast for global economic growth this year as Russia's war on Ukraine continues.

The Washington-based institution has lowered its projection for global growth in 2022 to 3.2% from a January prediction of 4.1%, President David Malpass told reporters in a teleconference Monday.

The S&P 500 dipped 0.02% to 4,391.69 points, while the Nasdaq Composite closed down 0.1% to 13,332.36.

The Dow Jones Industrial Average fell 39.54 points, or 0.1%, to 34,411.69.

Markets in much of Europe were closed for Easter.

On the commodities side, West Texas Intermediate crude rose 0.9% to $107.87 a barrel, while Brent crude was up 0.85% at $112.71.

Gold futures rose 0.3% to $1,981.70 an ounce and silver also went up 1.36% to 26.14.