Stock Market Today: Dow Dips, Boeing Slides, and Oil Rises With Ukraine in Focus

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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. 


Dow Jones Industrial Average

futures have fallen 75 points, or 0.3%, while


S&P 500

futures were flat, and


Nasdaq

Composite futures were down 0.1%. These moves come after the three indexes had their best weeks since November 2020.

“Futures are slightly lower following a generally quiet weekend as investors digest last week’s gains,” wrote Tom essay, founder of Sevens Report Research. 

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 seven 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 emerged. 

Now, they’re trying to figure out what happens next. Oil might provide a clue Monday, WTI crude gained just over 3% to around $108 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 because surging oil prices could cause the economy to slow down, if they get too high.

Even after last week’s rally, the S&P 500 finds itself near 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 just a bear market bounce. “Near-term overbought conditions while weekly and monthly momentum remain negative create a difficult spot to chase this rally,” writes Fundstrat technician Mark Newton. “More conviction is needed.”

The picture was mixed overseas, where Frankfurt’s


DAX

rose 0.1% 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. premarket. A Boeing 737 carrying some 130 people crashed in southwest China on Monday.

SAP

(SAP) fell 2% following news that the chief financial officer at the German software group would resign; Luka Mucic will continue in his role until 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 0.4%, while Alleghany stock shot up 25%.

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 18% 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 2.6% after getting upgraded to Sector Perform from Underperform at RBC. 

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