Wall Street Today | U.S. big cap stocks turn into world's top haven as risk rises

Stocks in Asia looked set for a cautious start Monday as Russia's war in Ukraine pushes into a second month and questions swirl about the economic impact of tighter U.S. monetary policy to fight high inflation. Equity futures were steady for the U.S. and earlier pointed to muted opens in Japan and Australia.

The fixed-income selloff pushed the U.S. 10-year Treasury yield to almost 2.5% last week, past a technical trend line that has effectively served as a ceiling since the late 1980s.

Investors are scrambling for safety as risks mount, from the war in Ukraine to rising interest rates and a global recession. They have found it in the U.S. stock market -- particularly the biggest American companies.

As the worst quarter for emerging-market dollar bonds in 24 years comes to an end, a deep divide is opening up as investors focus their hopes on commodity exporters in the Middle East and Latin America.

The rapid rise in energy and food costs as the war drags on is weighing on the more vulnerable markets, becoming the latest surprise for money managers who went into 2022 expecting inflation to peak as the Federal Reserve embarked on its tightening cycle.

There were no injuries reported in the blaze that broke out just before 10 p.m. local time Saturday at the facility near Lockwood, Montana, east of Billings. Multiple crews, including the Billings Fire Department, were at the scene and the fire was reported extinguished several hours later.

Big investors are betting that the war in Ukraine will prompt companies to pull production closer to home in a significant reshaping of global supply chains.

"The Russian invasion of Ukraine has put an end to the globalisation we have experienced over the last three decades," Larry Fink, chief executive of BlackRock, the world's largest asset manager, wrote in his annual letter to shareholders this week. "A large-scale reorientation of supply chains will inherently be inflationary," he added.

More than half of the world's neon is produced by a handful of companies in Ukraine, according to Peter Hanbury, a semiconductor analyst at research firm Bain & Co.

For over a year, officials on either side of the Atlantic have been hashing out a deal to replace the so-called Privacy Shield, an arrangement allowing firms to share Europeans' data to the U.S.

The move ends a years-long spat with the agency, which twice revoked Uber's London license — once in 2017, and a second time in 2019. Authorities were concerned about the company's ability to keep passengers safe. Uber subsequently won an 18-month London permit in court.