Stock futures were slightly higher Sunday evening as investors continued to monitor the developing tension between Ukraine and Russia and potential Fed rate hikes.

Futures tied to the Dow Jones Industrial Average climbed 83 points, or 0.2%. S&P 500 futures rose 0.1% and Nasdaq 100 futures added 0.05%.

The moves follow a rocky week for stocks, which were pressured by a hot inflation report and fears of a Russian attack on Ukraine. The Dow and S&P 500 fell 1% and 1.8%, respectively, for the week. The tech-heavy Nasdaq Composite slid more than 2%.

On Friday, the Dow tumbled 503.53 points, or 1.43%. The S&P 500 dropped 1.9% and the Nasdaq Composite shed 2.8%. The declines came as the White House warned that a war in Ukraine could begin “any day now” and urged Americans there to leave “immediately.” Oil prices jumped Friday, along with traditional safe havens like Treasurys.

“The real fear is that China backs Russia and the relationship between China and the U.S. continues to deteriorate,” said Robert Cantwell, chief investment officer at Upholdings. “How it changes the U.S. relationships with the other economic superpowers – that’s what’s really scary and would affect economic outcome.”

A phone call over the weekend between U.S. President Joe Biden and Russian President Vladimir Putin, in which Biden attempted to dissuade Putin from attacking Ukraine, failed to achieve a breakthrough. 

Some airlines have also halted or redirected flights to Ukraine amid the brewing crisis, while the Pentagon ordered the departure of U.S. troops in Ukraine.

Traders are also weighing the potential impact of surging inflation on the U.S. economy, as well as the potential measures the Federal Reserve could take to quell the jump in prices.

The Labor Department reported last week that inflation in January surged 7.5%, its biggest gain since 1982. Rate-sensitive tech stocks were hit hard by the report, which briefly sent the 10-year Treasury yield above 2% — the first time since 2019 that the 10-year traded above that level.

After the report’s release, St. Louis Fed President James Bullard said that he was open to a 50-basis point rate hike next month, adding that he wanted to see a full percentage point of hikes by July. To be sure, San Francisco Fed President Mary Daly said Sunday that the central bank should take a “measured” approach when raising rates.

“This past week, the primary story was all about inflation,” Cantwell said. “Every single time the inflation number comes out, it keeps surpassing expectations and the while the Fed has signaled that it’s going to raise rates, they haven’t actually raised them. The longer they wait, the faster they’re going to have to raise them.”

Economists at Goldman Sachs also raised their Fed forecast to seven hikes for 2022, and said it sees the 10-year hitting 2.25% this year.

The firm also lowered its 2022 S&P 500 price target to 4,900 from 5,100. That would represent just a 2.8% return from where the benchmark ended 2021. Goldman said that higher rates will crimp valuations.

Earnings are expected to ramp up again this week, with Nvidia, Walmart, Shopify, AMC and more scheduled to report.