U.S. stock indexes came off their lows on Monday but still closed lower after U.S. Federal Reserve Chairman Jerome Powell said the central bank could act faster to raise interest rates and curb inflation.

Powell said the Fed could raise the rate by half a point instead of the usual quarter-point. The country’s inflation has hit a 40-year high and the central bank is keen to curb it so it doesn’t affect the economic recovery.

However, oil prices continue to rise, which has exacerbated inflation, especially since the start of Russia’s special operation in Ukraine.

Reuters reported that the Russian Foreign Ministry summoned U.S. Ambassador John Sullivan to inform him that U.S. President Joe Biden’s remarks about Russian President Vladimir Putin have brought bilateral relations to the brink of collapse.

Biden will travel to Europe later this week to meet with members of the European Union and North Atlantic Treaty Organization to discuss the West’s response to Russia’s special operation in Ukraine. EU members are reportedly mulling a ban on Russian oil imports, even though the region is more energy-dependent than the U.S., which has already imposed a ban.

Here are 3 things that could affect the market on Tuesday:

1. Berkshire deal

Warren Buffett’s Berkshire Hathaway (NYSE:BRKb) will acquire Alleghany Corporation (NYSE:Y) in a deal worth about $11.6 billion, ending a long lull in big deals for the conglomerate, which has $140 billion in cash waiting to be used.

Berkshire will pay the owner of reinsurance company TransRe $848.02 per share in cash. Speculation is likely to emerge about what other deals Buffett is preparing.

2. Nike earnings

Shares of Nike Inc rose 4.9% in Monday after the close of trading after the company reported earnings that beat analysts’ expectations for earnings per share and revenue. The company announced earnings per share of 87 cents on revenue of $10.9 billion. Analysts surveyed by Investing.com expected earnings per share of 71 cents on revenue of $10.63 billion.

Nike’s direct sales rose 17%, but revenue in China, an important source of growth for the sportswear maker, fell 5% to $2.16 billion.

3. Oil prices remain on watch

European Union officials will meet on Monday ahead of U.S. President Joe Biden’s arrival later this week for a series of summits aimed at tightening the West’s response to Moscow’s special operation in Ukraine. Oil prices rose 7 percent on Monday to more than $110 a barrel after briefly falling below $100 last week.