The US stock markets on Monday closed a bumpy day with mixed results. Among the Wall Street indices – S&P 500 rose, while Nasdaq fell and Dow Jones remained flat. The uncertain trading followed weeks of volatility for major indices as traders try to figure out how stock valuations will be affected by the interest rate hikes looming on the horizon as the Federal Reserve moves to tame inflation.

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The S&P 500 fell 16.66 points, or 0.4%, to 4,483.87 on Monday while the Dow Jones Industrial Average rose 1.39 points, or less than 0.1%, to 35,091.13. The Nasdaq fell 82.34 points, or 0.6%, to 14,015.67 and the Russell 2000 index of smaller companies rose 10.24 points, or 0.5%, to 2,012.60.

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The S&P 500 is down 282.31 points, or 5.9% for the year while Dow is down 1,247.17 points, or 3.4%. The Nasdaq is down 1,629.30 points, or 10.4% and the Russell 2000 is down 232.71 points, or 10.4%.

Spirit Airlines Inc was up $3.73 to $25.46, Frontier is buying rival airline Spirit for $2.9 billion in cash and stock to create the nation’s fifth-largest carrier.

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Peloton Interactive Inc was up $5.15 to $29.75, the exercise bike and treadmill company is reportedly a buyout target for companies including Amazon and Nike.

Tyson Foods Inc. was up $10.80 to $99.09, The meat producer beat Wall Street’s fiscal first-quarter financial forecasts.

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ON Semiconductor Corp., was up $4.84 to $62.26, the semiconductor components maker reported strong fourth-quarter financial results.

Energizer Holdings Inc. was up 79 cents to $34.94, the maker of Energize and Eveready batteries beat analysts’ fiscal first-quarter earnings and revenue forecasts.

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Cerence Inc. was down $19.97 to $43.61, the automotive artificial intelligence developer trimmed its revenue forecast for the year.

Zimmer Biomet Holdings Inc. was down $11.16 to $111.67, the orthopaedic device maker’s fourth-quarter profit and revenue fell short of analysts’ forecasts.

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Allegiant Travel Co. was down 12 cents to $173.11, the parent company of budget airline Allegiant said president John Redmond will take over as CEO on June 1.