US stocks continue to show a downside bias as the S&P 500 Index retests the lows of 2022. Headwinds continue to blow from a familiar mix of threats: blowback from the Ukraine war, elevated inflation, rising interest rates and slowing economic growth. All these risk factors appear set to continue for the near term, which implies that the market will remain on the defense in the foreseeable future.

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* Ukraine war at risk of spilling across borders
* European leaders say Russian gas cutoff is economic ‘blackmail’
* Ukraine will cause ‘largest commodity shock’ since 1970s, World Bank warns
* Economists expect global growth to slow further via new Reuters poll
* Southern California imposes unprecedented water restrictions
* Yen at 20-year low vs. dollar as Bank of Japan stays committed to low rates
* Sweden’s central bank announces sudden policy U-turn and raises rates
* US pending home sales fell in March, marking five straight monthly declines: