Stocks moved mostly higher on Monday morning as a hearing on Russia's involvement in the U.S. election began on Capitol Hill.

The S&P 500 was up 0.05%, while the Dow Jones Industrial Average rose 0.2%, and the Nasdaq climbed 0.23%. Stocks began the day in the red.  

FBI director James Comey confirmed on Monday that the intelligence agency is investigating the Russian government's involvement in the election and will also look into ties with the Trump campaign. Intelligence agencies previously confirmed that Russian hackers had been involved in efforts to favor a Donald Trump win. Comey said there is no timetable for the investigation. 

Lawmakers were receiving testimony from key intelligence agencies on Monday over Russia's involvement in the 2016 presidential election and allegations of collusion between Russia and the Trump campaign.

Rep. Adam Schiff, (D-Calif.) said during the committee's opening moments that "the Russians successfully meddled in our democracy, and our intelligence agencies have concluded they will do so again."

Over the weekend, world finance leaders dropped a long-standing pledge to pursue free and open trade at the G20 meeting at the behest of U.S. Treasury Secretary Steven Mnuchin and the Trump administration. Scrapping the pledge to resist "all forms" of protectionism aligns with Donald Trump's push to put "America first," though Mnuchin later tried to downplay the shift by arguing that prior language was "not really relevant" and that Washington still supports free trade. A pledge to fight climate change also was removed at the G20 meeting.

"Mnuchin made the point earlier last week that the Trump administration has no desire for trade wars but does want certain trade relationships to be fairer for U.S. workers," Societe Generale's Michala Marcussen wrote in a note. "Exactly how this will be reflected in actual policy, however, remains uncertain with the future of NAFTA, a potential Border Adjustment Tax (BAT) and view on currency manipulation as the focal points ... Our baseline assumes that ultimately the U.S. politic bark will ultimately prove worse than the bite as more protectionism would hurt all, including U.S. households."

Crude oil also slumped on fears of a global rise in protectionism. West Texas Intermediate rose 0.6% last week, clawing its way back from the worst of losses a week earlier. Prices have been under pressure on signs of ballooning U.S. stockpiles and an uptick in global production. 

West Texas Intermediate crude was down 1.1% to $48.26 a barrel on Monday morning. 

The U.K. has set March 29 as the date it will begin formally removing itself from the European Union by triggering Article 50 of the Lisbon Treaty. Minister David Davis said in a statement that the U.K. was "on the threshold of the most important negotiation" of a generation as it prepares to determine the terms of its "Brexit." The U.K. voted to exit the EU last June in a shocking outcome that sparked fears of wider spread populism in Europe. 

Chicago Federal Reserve President Charles Evans said on Monday that he could support as many as three rate hikes this year if the economic data remain supportive. "As I gain more confidence in the outlook, I could support three total this year," he told Fox Business. "It could be three, it could be two, it could be four if things really pick up," he added, noting that the pace relies on inflation trends. The Fed raised rates by 25 basis points last week, the third increase since 2008. 

Walt Disney's (DIS) live-action Beauty and the Beast brought in a record haul in its weekend debut. The film was the best box office open of the year and the seventh-best on record, bringing in an estimated $170 million in North America. Beauty and the Beast is just one of several Disney movies reimagined as live action, following remakes of Cinderella, Alice in Wonderland, and The Jungle Book. Shares rose 1.1% and were among the best performers on the Dow. 

Nike (NKE) rose ahead of quarterly earnings scheduled for Tuesday. Analysts anticipate adjusted earnings of 53 cents a share for its February-ended quarter, according to FactSet. The athletic footwear brand earned an adjusted 55 cents a share in the same quarter a year earlier. 

CytomX Therapeutics  (CTMX) rocketed 24% higher after announcing a larger collaboration with Bristol-Myers Squibb (BMY) . The drugmaker will receive a $200 million upfront payment as Bristol-Myers uses its Probody platform to develop treatments for cancer. CytomX is also eligible for $448 million in milestone payments. 

Movado Group (MOV) slumped 3% after fourth-quarter earnings and sales missed estimates and its outlook came in on the weak side. The watchmaker reported a drop in net income to 22 cents a share over its recent quarter from 34 cents a year earlier. Consensus was for 23 cents. Sales fell 8.7% to $130.8 million and missed estimates of $136.9 million. For fiscal 2018, Movado anticipates adjusted earnings no higher than $1.55 a share, falling short of $1.60 consensus. 

Deutsche Bank (DB) fell 2% after announcing plans to issue 687.5 million in shares to raise 8 billion euros. A share price of 11.65 euros is 35% below Friday's trading levels. The bank also said it had cut staff bonuses by 80% last year following its second straight full-year loss.

MoneyGram (MGI) was on watch Monday after agreeing to deal negotiations with Euronet Worldwide (EEFT) , a development that puts its offer from Ant Financial in jeopardy. The payments-transfer company surged last week after receiving an offer from Euronet 15% higher than its deal with Ant Financial. 

Dominion Diamond (DDC)  climbed more than 25% after receiving a $1.1 billion, or $13.50 per share, bid from a privately held conglomerate in Montana. However, deal talks are currently stalled, meaning the fight for control could become public.

Albertsons, the grocery-chain operator backed by Cerberus Capital Management, has held preliminary talks to merge with Sprouts Farmers Market ( SFM) , people with knowledge of the matter told Bloomberg. The discussions, which took place in recent weeks, are at an early stage and may not lead to a deal. The talks have involved a plan to take organic grocer Sprouts private and add it to Albertsons' portfolio, which includes eponymous grocery stores and the Safeway store brand.

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