By Yasin Ebrahim

Investing.com — The S&P 500 swung between gains and losses Tuesday, as investors weighed up the ongoing Ukraine-Russia conflict in the wake of the U.S. announcing a ban on imports of Russian energy.

It fell by 0.16%. The added 0.08, or 26 points. Meanwhile, it gained 0.2%. The major averages had a short intraday rally but lost their gains. 

“We’re banning all imports of Russian oil and gas and energy,” President Joe Biden said Tuesday. “That means Russian oil will no longer be acceptable at U.S. ports…”  The embargo will ban new shipments of Russian oil, liquefied and coal imports to the U.S. 

Petroleum prices increased sharply, driving U.S. fuel prices to records highs. It also raised concerns about inflation and denting economic growth.

TIPS brokeeven rates rose to 2.876% over a 10-year period, which suggests that bets on inflation will continue to average 2.9% each year in the following ten years.

The surge in demand for industrials led to a rise in the stock market. Caterpillar (NYSE: ) Rebound in Airline Stocks

Caterpillar rose more than 7.7% following Jefferies’ upgrade of its rating for the maker of industrial equipment to buy from hold. Jefferies also raised its price target from $215 to $260, because the stock historically has been an inflation hedge.

The slump in airline stocks that was caused by rising fuel prices has seen them under increasing pressure. However, they have rebounded since then.

American Airlines (NASDAQ) and United Airlines (NASDAQ), as well as Delta Air Lines, were both up by more than 4 percent.

Stocks in technology stocks were still out of favour, with Apple (NASDAQ) and Microsoft (NASDAQ;) leading the way lower than 1%. 

At its product launch event, Apple rolled out a new budget iPhone, an update to the iPad Air and an updated Mac chip, which will used in the new Mac Studio computer. Wedbush estimates that the new iPhone budget could sell 30 million units over the course of the year. 

Google (NASDAQ:), who resisted the trend to lower, has agreed to acquire cybersecurity firm Mandiant for $5.4 Billion. The acquisition is expected to bolster cybersecurity for Google’s cloud customers.

On the earnings front, Dick’s Sporting Goods (NYSE:) reported quarter-results that beat on both the top and bottom lines, sending its shares more than 3% higher.

In other news, Dish Network rallied 6% after UBS upgraded the stock to buy from neutral on expectation that the company’s spectrum assets are undervalued.

“Questions remain regarding DISH’s wireless business model, but we believe DISH’s network build protects the company’s spectrum licenses, whose value serves as a backstop,” UBS said.