Opening Bell, March 8

Good morning. Commodities prices are going bonkers, uncertainty from the Russia-Ukraine crisis has the market in its grips, and GameStop chairman Ryan Cohen makes a splash with a stake in Bed Bath & Beyond. 

Let's jump in. 

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1. It isn't just oil. Commodities from wheat to nickel are surging to records. As Western nations weigh up new sanctions on Russia's energy sector, commodities broadly are skyrocketing on fears of lasting supply disruptions. 

While oil came back down after surging to nearly $140 a barrel early Monday, investors are betting it's going to spike again soon. Option calls for oil futures piled in on Monday, with over 1,200 contracts calling for May Brent futures to hit $200 a barrel, per data from ICE Futures. 

The uncertainty has sent investors rushing into gold, and the safe-haven asset hit $2,000 an ounce Monday. Nickel has experienced a "Big Short" squeeze of its own today, roaring up by as much 110% in minutes to hit $100,000 a ton, and prompting the London Metal Exchange to suspend trading to combat the extreme volatility

Wheat futures soared, triggering a trading halt after prices went up for the fifth day in a row. Prices have increased by almost 50% since Russia invaded Ukraine.

All of this comes as risks to the stock market continue to pile up. Morgan Stanley analysts said the next six to eight weeks will see more volatility as the Fed stays on course to raise rates and growth and valuations come under pressure. The bank recommends investors sell into any rally in the coming weeks.

In other news:

2. Stocks are on the rise today, but trading is volatile and nervy. With commodity price surges in focus, investors aren't piling back into equities just yet. Here's the latest on the markets. 

3. Earnings on deck: Barnes & Noble Education, Oracle Corp, and Dick's Sporting Goods, all reporting.

4. Bank of America predicts a ban on Russian oil exports could push prices as high as $200 a barrel. The bank laid out a worst-case scenario in which soaring prices hit growth by as much as 2% — and then broke down why this could trigger a global recession or stock market crash.

5. Coinbase said it blocked 25,000 Russian accounts. The global crypto exchange is stepping up its efforts to stamp out illicit activity amid the ongoing crisis in Ukraine, though the CEO said crypto is a lifeline for ordinary Russians and wouldn't preemptively ban them.

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This newsletter was curated by Phil Rosen. Thoughts or questions? Sound off in the comments section below.