Analyst View
The U.S Market responded to the Federal Reserve Chairman Jerome Powell's fresh warning on inflation with a downward trend across the board. 

The Dow Jones Industrial Average fell over 300 points or 0.6%, while the S&P 500 and Nasdaq Composite were lower by 0.04% and 0.4%. All three major averages closed above the lows of the day. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34552.99 -201.94 -0.58%
SP500 S&P 500 4461.18 -1.94 -0.04%
I:COMP NASDAQ COMPOSITE INDEX 13838.46 -55.38 -0.40%

Inflation Warning 
Powell said "The inflation outlook had deteriorated significantly this year even before Russia’s invasion of Ukraine," he said in remarks to the National Association of Business Economics while signaling more aggressive rate hikes may be necessary. 

Powell's warning comes a few days after policymakers rolled out the first interest rate hike in three years of 25 basis points and hinted that six more could come this year. 

Corporate Actions,
Warren Buffett's Berkshire Hathaway is expanding its insurance portfolio with the purchase of Allegheny for $11.6 billion putting a portion of his $144+ billion in cash to work. The deal will expand Berkshire’s already considerable insurance holdings, including brands like Geico auto insurance.

placeholderThe Omaha, Nebraska, company revealed last week that it had compiled a 14.6 stake in the oil producer Occidental Petroleum, snapping up an additional $1 billion worth of shares.
 
Ticker Security Last Change Change %
Y ALLEGHANY CORP. 844.83 +167.32 +24.70%
BRK.B BERKSHIRE HATHAWAY INC. 349.63 +7.04 +2.05%
OXY OCCIDENTAL PETROLEUM CORP. 60.96 +4.72 +8.39%

Aviation, Boeing shares fell after a 737 with 132 people on board operated by China Eastern crashed in the southern province of Guangxi on Monday, officials said. 

 

Ticker Security Last Change Change %
BA THE BOEING CO. 185.90 -6.94 -3.60%
CEA CHINA EASTERN AIRLINES 17.68 -1.27 -6.70%

Commodities, Crude prices rose over 7% as U.S. oil hit $112 per barrel, while Brent, the global benchmark, hit $115. Gas prices, per AAA, hovered below $4.30 per gallon. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 79.52 +4.84 +6.48%
BNO UNITED STS BRENT OIL FD LP UNIT 32.16 +2.38 +8.01%
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 59.61 +2.81 +4.95%



In cryptocurrencies, Bitcoin traded above the $40,000 level.