US open: Dow Jones reverses Friday's losses as commodity prices drop

Wall Street stocks were mostly higher earlier on Monday as the Russia-Ukraine conflict continues to heat up and investors prepared for the Fed to raise its target fed funds rate for the first time in almost four years.

As of 1520 GMT, the Dow Jones Industrial Average was up 1.15% at 33,322.01, while the S&P 500 was 0.71% firmer at 4,234.18, while the Nasdaq Composite started out the session 0.13% weaker at 12,827.15.

The Dow opened 377.82 points higher on Monday, reversing losses recorded in the previous session despite news that ceasefire talks between Russia and Ukraine may be picking up steam.

In focus prior early on Monday was news that fighting has intensified around the Ukrainian capital of Kyiv, as Russian forces carried on assaulting cities across the country, taking the lives of civilians trying to escape in the process.

Ukraine and Russia resumed peace talks on Monday, with Ukrainian officials stating the nation's objective was to secure a ceasefire and an immediate withdrawal of Russian troops, as well as multiple other security guarantees.

Commodity prices, which rallied following the invasion, eased off at the start of the session, with West Texas Intermediate down 8.23% at $100.33 per barrel and Brent crude heading south 7.83% to $103.85.

However, the yield on the benchmark 10-year Treasury note continued its ascent early on Monday, sitting at around 2.100% after jumping around ten basis points to its highest level since July 2019.

Market participants were also looking ahead to the conclusion of the Federal Reserve's two-day policy meeting on Wednesday, with the central bank expected to hike its target Fed funds rate from zero to 0.25%. Traders will also look to the Fed for its new rates forecasts, as well inflation and economy forecasts, due to the uncertainty stemming from the heightened geopolitical tensions.

No major corporate earnings or data points were scheduled for release on Monday.