The S&P 500 index closed slightly lower on Monday, largely recovering from a sharp sell-off as U.S. plans to move its embassy from Kiev to western Ukraine led to heightened geopolitical tensions.

All three major Wall Street stock indexes fell sharply after United States Secretary of State Anthony Blinken announced the relocation of the diplomatic mission to Lviv, interpreted as a sign of an impending invasion by Russia.

Some Western media outlets have named February 16 as the date of a possible Russian attack on Ukraine, and Ukrainian President Volodymyr Zelensky commented skeptically on these reports.

Recent data showed that U.S. inflation reached its highest level in decades, adding to fears of a more aggressive than expected hike in key interest rates by the Fed.

The Dow Jones index closed down 0.49% to 34,566.17 points, the S&P 500 index fell 0.38% to 4,401.67 points, while the Nasdaq was unchanged and ended trading at 13,790.92.

“History actually teaches investors that military and terrorist strikes usually turn out to be short-term shocks because they don’t lead to a global recession,” said Sam Stovall of CFRA Research.