US stock benchmarks on Monday were headed significantly lower near the open, as investors braced for a Federal Reserve gathering early this week that could set the tone for the rest of 2022, amid tensions centered on Russia over the military buildup on the border with Ukraine.

On Monday, the S&P 500 index was in jeopardy of closing in correction territory, with the broad-market index needing to close above 4,316.90 to avoid a fall of 10% from its Jan. 3 record close.