Federal Reserve Governor Christopher Waller signaled a cautious stance, noting that upcoming consumer-price data will dictate whether the central bank moves forward with a near-term interest rate hike. Investors are currently weighing the impact of prolonged energy shocks against the potential for aggressive monetary tightening.

Amid the market turbulence, corporate consolidation continues. Nippon Paint has launched an $8.6 billion bid for AkzoNobel’s decorative-paints division. This aggressive play aims to disrupt a potential merger between the Dutch firm and its American competitor, Axalta Coating.