Wall Street heads for declines as Ruble dives

NEW YORK (AP) — U.S. markets pointed toward a lower open Monday and the ruble plunged to a record low of less than 1 U.S. cent after Western nations moved to block some Russian banks from a global payments system. On Wall Street, futures for the Dow industrials and the S&P 500 both fell less than 1%. Russia’s invasion of Ukraine has caused markets to swing wildly, given the vast potential economic impact, especially on inflation and energy supplies. The Russian central bank raised its benchmark rate to 20% from 9.5% to stanch the ruble’s nosedive. A weaker ruble is likely to push prices higher for Russians.