(Reuters) – U.S. stock futures declined on Tuesday after soaring crude oil prices and hawkish comments made by a Federal Reserve official scared investors. Later in the day, focus shifted to discussions between U.S. President Joe Biden & Fed Chair Jerome Powell.

U.S. trader returned to work after a long weekend. European shares fell to $120/barrel as European oil prices rose. This was because the European Union had agreed to partially ban Russian oil, and China had lifted COVID-19 restrictions. [O/R] [MKTS/GLOB]

Christopher Waller, Fed Governor said Monday that the U.S. central banks should be willing to hike rates by one-half percent at each meeting starting now until inflation has been controlled.

Waller’s comments caused a sell-off on bond markets. The benchmark rose to a one-week peak as traders reversed recent hopes that the Fed would pause after hiking in June and July. [US/]

Biden stated that the Fed is the primary responsible for controlling inflation, and pledged not to try to influence the Fed’s decisions in an inappropriate manner ahead of Tuesday’s meeting with the chief bank officer.

These factors have led to sharp declines in stock markets this year, including the Ukraine conflict, a surge of COVID-19 Chinese cases and tightening economic conditions.

Last week, all three U.S. major indexes saw their longest losing streak since decades. This was due to signs of consumer resilience and peak inflation that brought buyers back into the market.

After a plunge of 8.8% in April, the benchmark saw 0.6% growth while the blue-chip Dow increased 0.7%.

Tech-rich Nasdaq suffered its second consecutive monthly loss in May. It was down 1.7% from May. High-growth stocks are more likely to suffer when interest rates rise.

At 7:33 am. ET were down 0.5% or 165 points. They were also down 18. Points or 0.43% and down 7.25 points or 0.06%.

U.S.-listed stocks Yamana Gold The stock index rose 17.2% following the agreement by South African miner Gold Fields Ltd (NYSE) Ltd to purchase the Canadian miner for $6.7 billion in an all-share transaction.

Occidental Petroleum (NYSE ) rose 2.5%, leading gains among energy stocks.