- Wall Street falls as risk appetite fades.
- Disappointment over Ukraine-Russia negotiations and COVID-19 in China have soured confidence.
US markets have fallen into negative territory after opening higher on Monday. The fragile risk appetite seen during the European session appears to have faded as hopes for a ceasefire in Ukraine dissipate with rising COVID-19 cases in China raising red flags.
Expectations for any improvement in the Eastern European crisis have been dampened by news that China is willing to supply Russia with weapons, a NATO official has reported.
In addition, Russia has continued to shell Ukrainian cities and, according to a local governor, has killed nine civilians in an attack on a television tower in northern Ukraine.
Meanwhile, Chinese authorities on Sunday reported 3,400 new COVID-19 infections. This is the largest outbreak in the last two years forcing schools to close and cancel activities, raising concerns about a new round of restrictions.
Against this backdrop, the S&P 500 Index is down 0.78% after gaining almost 1% in early trading, the Nasdaq is down 1.8% and the Dow is down 0.2% at the time of writing.
Technical levels
Source: Fx Street
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