U.S. stocks declined sharply on Monday, sliding along with other global equities, as worries about Russian intervention in the Ukraine has investors fleeing assets perceived as risky.
Investors sought perceived safe havens on heightened concerns tensions involving Russia's threat to use military force in Ukraine, which mobilized its army and requested foreign observers. Secretary of State John Kerry traveled to Kiev Monday after saying Russia risked possible sanctions.
"Certainly this might go on for a couple days, but ultimately what matters for stock prices is earnings. This might cause some near-term turbulence, but there is no reason to think this is the end of the rally," Dan Greenhaus, chief strategist at BTIG, told CNBC.
"The Crimean showdown has subsequently morphed investors' torment over demonstrations in Kiev to something on a potentially graver scale," Andrew Wilkinson, chief market analyst at Interactive Brokers, wrote in an emailed note.
Wall Street's focus on the Ukraine had investors overlooking a rebound in U.S. factory activity in February from an eight-month low, while consumer spending increased more than estimated the prior month.