US stocks were frozen Investors have a lot to look forward to on Monday afternoon Corporate incomeA highly anticipated meeting between President Biden and House Speaker Kevin McCarthy regarding the latest inflation report and the debt ceiling this week.
The S&P 500 (^GSPC) was mostly flat at the close, while the Dow Jones Industrial Average (^DJI) lost 66 points, or 0.20%. The technology-heavy Nasdaq Composite ( ^IXIC ) rose 0.18%.
Shares of regional banks extended Friday’s gains. PacWest Bancorp ( PACW ) shares pared most of those gains after surging nearly 30% in the market. The stock closed less than 4% after the bank cut its dividend and CEO Paul Taylor reiterated the bank’s “Sound.”
Afterward, the KBW Regional Bank Index (KRX) retreated, falling more than 2% after gaining nearly 5% on Friday.
Stocks continued to respond to Berkshire Hathaway’s annual shareholder meeting held over the weekend in Omaha, Nebraska. Berkshire ( BRK-A , BRK-B ) rose roughly 1%, while Occidental Petroleum ( OXY ) shares fell more than 2% after Warren Buffett said Berkshire would not buy a controlling stake in the Houston-based oil company.
Shares of Zscaler ( ZS ) surged more than 20% as the cybersecurity firm’s earnings guidance for the quarter ending in April. Zscaler saw the high end of its revenue forecast at $398 million. It raised the upper end of that range to $419 million on Monday.
Shares of Tyson Foods ( TSN ) fell more than 16% as the company cut its annual sales outlook by $2 billion and missed Wall Street estimates for first-quarter revenue and earnings per share.
Elsewhere in corporate earnings, Dish Networks ( DISH ) rose 2%, despite softer-than-expected quarterly earnings. Six Flags ( SIX ) shares rose nearly 20% as the theme-park operator saw fewer guests than last year, but higher-than-expected revenue and higher spending per customer.
Among commodities, oil futures opened higher on Monday. West Texas Intermediate (CL=F) and Brent (BZ=F) rose about 2%. Brent crude prices were around $77 a barrel.
Wholesalers’ inventories and trade sales were weaker than expected on Monday. Total inventories were flat in March. Bloomberg had forecast an increase of 0.1%. According to Bloomberg consensus data, total business sales fell 2.1% in March, significantly less than the positive forecast of 0.4%.
Markets await more economic news this week as Wednesday brings the much-anticipated inflation report.
The U.S. debt will also be in focus this week after Treasury Secretary Janet Yellen said the country may not be able to repay the debt before June 1. President Biden is expected to meet with McCarthy and other top congressional leaders on Tuesday to discuss solutions. Historically, uncertainty surrounding the debt ceiling has weighed on stocks.
Josh is a Yahoo Finance reporter.
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