- A stock selloff that rivalled any of the previous two years was all but erased by Monday's close as dip buyers emerged, the latest breathtaking reversal in markets roiled by geopolitical tensions and the Federal Reserve's anti-inflation campaign.

- After falling as much as 4% earlier in the day, retail, industrial, and energy companies led a rally in the S&P 500 into the close. The dollar rose, while 10-year treasuries remained unchanged.

- Traders remain confident that the Fed will continue to raise borrowing costs even as riskier assets fall. Swap markets predict a quarter-point increase in March and a near-full percentage point increase for the entire year of 2022.

- Speculators who abandoned bullish bets on the dollar at the fastest rate in more than 18 months are now missing out on the currency's rally ahead of the Fed's decision on Wednesday. According to the most recent data from the Commodity Futures Trading Commission, long aggregate speculative positions versus major peers have dropped the most since June 2020.

- Biden was scheduled to hold a conference call with European leaders as Western nations work to develop a unified stance on Russia. The North Atlantic Treaty Organization announced plans to increase its deployments in eastern Europe in order to deter a new invasion in Ukraine. Russia's president, Vladimir Putin, has denied any plans for an attack.