Major defense names like Northrop Grumman and L3Harris rallied into the weekend on signs of Russian escalation in Ukraine, though another sector headline made waves on Sunday. Lockheed Martin called off plans to acquire rocket engine maker Aerojet Rocketdyne under a $4.4B deal that was announced in late 2020. Aerojet is the only large, independent producer of engines for rockets and missiles in America.

St. Louis Federal Reserve President James Bullard made his case for a rapid move higher in interest rates, saying Monday that the central bank needs to react to accelerating inflation.  Those comments came after Bullard rattled markets last week by saying he thinks the Fed should raise its benchmark short-term borrowing rate a full percentage point by July. The commentary sent stocks on a volatile ride and caused futures markets to price in as many as seven quarter-percentage-point interest rate hikes by the end of 2022.

There’s also a final rush of big earnings, with Cisco Systems and Nvidia on Wednesday; Walmart on Thursday; and Deere on Friday. With more than 70% of the S&P 500 companies already having reported financial results, according to FactSet, over three-quarters of them beat on earnings.