Monday's session saw fluctuations between gains and losses as investors digest the Fed's remarks on more rate hikes.

The US indices fluctuated between gains and losses on Monday as investors digested remarks from Federal Reserve officials who insisted on more rate hikes, though at a slower pace, despite recent data showing slowing inflation.

The Dow Jones traded down 0.61%, the Nasdaq fell 1.16% and the S&P 500 was down 0.90%.

Last week, the S&P 500 posted its largest weekly percentage gain since late June, while the tech-heavy Nasdaq had its best week since March.

More Fed officials are due to speak later in the week, but Fed Vice Chair, Lael Brainard, stated today that it probably would be “appropriate soon to move to a slower pace of increases,” though added that there still was “additional work to do on raising rates.”

China's "rule of law," in which the legal system is used to exercise government will or make changes to almost anything at any time, was at the forefront of the oil market again.

Crude prices fell more than 3% on the day, displaying the volatility that has irritated oil bulls since last month, after OPEC's bid to bring a barrel closer to $100 with the sharpest production in two years was watered down by one lockdown after another in China under a zero-Covid policy.

New York WTI traded down 3.5% and London Brent traded down 3%.

In corporate news, Amazon saw its shares decline as The New York Times reported the tech giant was planning to layoff around 10,000 employees in both tech and corporate jobs. Starting as soon as this week.

Moderna shares jumped more than 5% after the company reported that its new COVID-19 boosters provided better protection against Omicron subvariants than the original formula.

In Crypto world, Binance announced it would create a recovery fund to help cash-strapped crypto companies deprived of liquidity as a result of FTX’s collapse. 

(Sources: investing.com, reuters.com)