The US stock market remains on the defensive, but it’s not yet obvious that the threat of an extended downside run is imminent. Nonetheless, there’s a case for a cautious stance. The main risk factor, of course, is the ongoing war in Ukraine and the uncertainty that it poses to markets and the global economy. Elevated inflation and an increasingly hawkish Federal Reserve add to the potential for trouble.

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* Russian military pounds Ukrainian cities as the West prepares more sanctions
* Treasury Sec. Yellen set to warn of economic blowback from Ukraine war
* Can Germany end its dependency on Russian gas? It’ll try, but it won’t be easy
* Fed’s Brainard says central bank may soon begin ‘rapid’ balance-sheet reduction
* 30-year fixed mortgage above 5% for first time since 2011
* China services sector activity fell at sharp pace in March, PMI survey shows
* US Q1 GDP growth nowcast remains weak via Atlanta Fed’s GDPNow model
* US services sector growth picked up in March via ISM Services Index: