Still, it wasn’t all pessimistic positioning on Monday. The VanEck Russia ETF, U.S.-traded security which invests in top Russian companies, remained in the green, along with the Russian ruble vs. the U.S. dollar. The VanEck Russia ETF lost more than 7.5% on Friday.
Meanwhile, oil stocks plunged on Monday. Exxon Mobil fell 1.4% and ConocoPhillips slipped 1.8%.
On Monday morning, St. Louis Fed President James Bullard told CNBC in an interview that the central bank needed to fight inflation more aggressively.
“I do think we need to front-load more of our planned removal of accommodation than we would have previously. We’ve been surprised to the upside on inflation. This is a lot of inflation,” Bullard told CNBC’s Steve Liesman during a live “Squawk Box” interview.
