It's 5 30 on Wall Street good morning I'm Nathan Hager And I'm Karen Moscow We're just about four hours away from the open of U.S. trading Let's get you up to date in the news you need to know what this shower starting with the latest developments on the war in Ukraine Russia says it's agreed to a ceasefire to open up humanitarian corridors in some cities but Ukraine says Moscow is still shooting near the capital Kyiv and near the port city of mariupol where about 200,000 civilians are trapped The mayor of key vitali Klitschko says Ukraine needs more support We need unity we need pressure We need sanction We need weapons support The mayor of key was a guest on ABC's this week or it's Sundays on Bloomberg radio In the meantime Karen global stocks are selling off oil is soaring on the prospect of a ban on Russian supplies Bloomberg news has learned The White House is considering whether to prohibit Russian oil imports into the U.S. without the participation of allies in Europe Here's California democratic congressman Adam Schiff I think there's a very strong bipartisan support to cut off Russian oil and gas sales to the United States It's an I think to many of us in Congress that while we were sanctioning them and trying to cripple their economy that way would help them in any way by purchasing their petroleum But I think administration wants to make sure that we work with our allies Congressman Adam Schiff made those comments on face the nation from CBS heard Sundays on Bloomberg radio As for the reaction in the oil market it originally jumped as much as 18% on the prospect of a ban on Russian crude right now nymex crude oil is up more than 6 and a half percent so is Brent by the way Gold futures jumped above $2000 an ounce for the first time in more than 18 months while copper and palladium hit all time highs Stocks sell off around the world Karen more analysts are downgrading their outlooks for U.S. equities Let's get the details live from Bloomberg's journey to young good morning granita Good morning Nathan Your Danny research predicts the S&P 500 will drop to about 4000 by the end of this year Chief investment strategist Ed says a recession can not be ruled out given that jump in oil prices Evercore ISI says the S&P could fall as low as 3700 Before the war the median S&P target for strategists was around 5000 Now it's at about 4300 Live in New York I'm renita young Bloomberg daybreak All right thank you ranita and the corporate exodus from Russia continues today Netflix TikTok Samsung Visa Mastercard and American Express are the latest companies to either cut ties or review their operations in the country Again futures are falling this morning and straight ahead your latest local headlines plus a check of sports and this is Bloomberg Thanks Karen 5 33 on Wall Street 62° in Central Park we have an accident investigation in wood bridges in northbound route 9 at New Brunswick avenue details coming up.