Stocks on Wall Street have erased their steep losses from the morning and are holding relatively steady on Monday, the latest in a string of topsy-turvy trading. The S&P 500 was virtually unchanged, after erasing early loss of 1.7%.
Stocks have been shaky recently. The S&P 500 is coming off a three-week losing streak amid worries about high inflation and the quick jump in interest rates the Federal Reserve is likely to prescribe for it. Prices for ultra-safe U.S. government bonds rose as traders shied away from risk. Stocks slumped in China as that country reinforced its stringent pandemic policies.
Benchmark U.S. crude oil for June delivery fell $3.53 to $98.54 a barrel on Monday. Wholesale gasoline for May delivery fell 7 cents to $3.24 a gallon. May heating oil rose 15 cents to $4.09 a gallon. May natural gas rose 14 cents to $6.67 per 1,000 cubic feet.
Gold for June delivery fell $38.30 to $1,896 an ounce. Silver for May delivery fell 59 cents to $23.67 an ounce and May copper fell 13 cents to $4.45 a pound. The dollar fell to 128.02.
Wheat for May was off 3.50 cents at $10.62 a bushel; May corn rose 7.25 cents at $8.0025 a bushel, May oats fell 6 cents at $7.1525 a bushel. May soybeans lost 12.50 cents at $17.0350 a bushel.
Beef and pork were lower on the Chicago Mercantile Exchange. Apr. live cattle fell 3.35 cents at $1.3910 a pound; Apr. feeder cattle was off 1.40 cents at $1.5795 a pound; while Apr. lean hogs lost 4.05 cents at $1.0780 a pound.