Stocks decline amid Russia's invasion, sanctions escalation

The S&P 500, Dow and Nasdaq each opened lower. [WTI] crude oil prices (CL=F) soared to as much as $99.10 per barrel before paring some gains. Brent crude (BZ=F), the international standard, rose to a near seven-year high of more than $104 per barrel. Gold prices jumped while [US] Treasury yields slid as investors piled into [OECD] safe haven assets.

NO *flation-fighting rate hike for yous!

Capital Economics group chief economist Neil Shearing wrote in a note Monday. "So far at least the West has stopped short of a ban on energy imports from Russia, which would be the most powerful sanctions they could implement."

"At the same time, the US, European Union, UK and Canada have announced sanctions[freeze] on the Central Bank of Russia (CBR)," Shearing added. "This is perhaps a more significant move since it will substantially reduce the ability of the CBR to liquidate its foreign assets to support the ruble and help Russian firms service FX-denominated liabilities. Around 40% of Russia's international [FX] reserves are held in the financial systems of the countries that have signed up to these sanctions."

LOL

The ruble opened lower by about 30% against the dollar in offshore trading [Emerging Mrkt Economy [EME] currencies]

versus Advanced Economy (AE) currencies parity watch: USD:RUB, 1:99.53

and Russia's central bank more than doubled its benchmark interest rate to a near two-decade high of 20% in a move to try and help counter the currency's depreciation.

"While ["]market fundamentals["] in the U.S. [bull market] have seen very minimal deterioration, sentiment-driven concerns are unlikely to change anytime soon. From a market perspective, sanctions against Russia will likely have the largest impact on currency markets, including the ruble, the Euro and the dollar," David Bahnsen, chief investment officer of The Bahnsen Group, wrote in an email Monday morning.