AMNA NAWAZ: In the day's other headlines: Wall Street sidestepped major losses in the wake of the weekend bank failures, even as bank shares took a hit.

The Dow Jones industrial average was down 90 points to close at 31819.

The Nasdaq rose 50 points.

The S&P 500 slipped six.

New winter storms are bearing down tonight on both U.S. coasts.

Swathes of California were flooded in a weekend storm, and things could get even worse with more rain and snow.

Meanwhile, the Northeast and New England face a late-season nor'easter that could bring heavy snow into Wednesday.

New York Governor Kathy Hochul is urging people to be prepared.

GOV.

KATHY HOCHUL (D-NY): There is no reason in the world to have plans to be out tomorrow.

Today is the day you get ready.

Do everything you need to do.

Stock up on the groceries.

Stock up on the batteries.

Stock up on making sure you got enough chargers,everything you're going to need.

AMNA NAWAZ: In New Hampshire, the storm is already disrupting local elections set for Tuesday.

Nearly 20 communities have postponed the voting.

The U.S. and South Korea have launched their biggest joint military drills in years, provoking furious protests from North Korea.

To make its point, the North said this image showed a cruise missile being test-fired from one of its submarines on Sunday.

The U.S.-South Korean exercises include computer simulation and combined field trainings.

They're expected to last 11 days.

Australia will buy as many as five nuclear-powered attack submarines from the United States to counter China's growing naval reach.

The announcement came today as President Biden met with the Australian and British prime ministers in San Diego.

As part of the deal, the U.S. Navy will also visit Australian ports more often for training purposes.

China's new premier talked up economic revival today by trying to reassure the private sector.

Li Qiang is a close ally of President Xi Jinping.

He made his public debut after three years of strict pandemic measures that have clouded China's economic outlook.

LI QIANG, Chinese Premier (through translator): The environment for private business will get better and better, and their development room will get broader and broader.

We will create a level playing field for all kinds of business entities and further support private enterprises in growing and thriving.

AMNA NAWAZ: China has set an annual growth target of 5 percent, its lowest in nearly 30 years.

The country's economy grew just 3 percent last year.

In Ukraine, Russian forces kept hammering today at the ruined eastern city of Bakhmut.

Ukraine's overall commander reported the situation at Bakhmut is difficult, but said his troops are repelling all assaults.

In Washington, the Institute for the Study of War said its assessment is that Russia's offensive has stalled.

Iran now says more than 22,000 protesters arrested in recent months have been pardoned.

Today's statement could not be confirmed, but it may provide the first details on the scope of the government's crackdown on dissent.

Demonstrations swept Iran starting last September.

They were sparked by the death of 22-year-old Mahsa Amini in police custody.

And back in this country, an FBI survey finds hate crimes surged more than 11.5 percent in 2021 from the year before.

Reported incidents topped 9,000.

Nearly two-thirds involved racial, ethnic and ancestral bias.

The FBI says religion and sexual orientation accounted for the rest.

Still to come on the "NewsHour": Congress wrangles over conflicting legislative priorities; how the rise of sports betting could place student athletes in difficult positions; "Everything Everywhere All at Once" wins big at the Academy Awards; plus much more.