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 up 0.2% in midday ET. Meanwhile, the Dow Jones Industrial Average (^DJI) lost 61 points, or 0.18%. The tech-heavy Nasdaq Composite ( ^IXIC ) was down 0.04%.
Shares of regional banks extended Friday’s gains. PacWest Bancorp ( PACW ) shares pared most of those gains after surging nearly 30% in the market. Shares were down less than 5% after the bank cut its dividend “Sound.”
Afterward, the KBW Regional Bank Index (KRX) fell nearly 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 more than 1%, while Occidental Petroleum ( OXY ) shares fell nearly 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% in intraday trading as the cybersecurity firm’s earnings guidance for the quarter ending in April. Zscaler now sees 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 15% 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 3.5%, despite softer-than-expected quarterly earnings. Six Flags ( SIX ) shares rose about 20% as the theme-park operator saw fewer guests than last year, but higher-than-expected revenue and increased spending per customer.
Among commodities, oil futures opened higher on Monday. West Texas Intermediate (CL=F) and Brent (BZ=F) rose more than 2%. Brent crude prices were around $77 a barrel.
Wholesaler inventories and trade sales were weaker than expected on Monday. Total inventories were flat in March. Bloomberg had forecast an increase of 0.1%. Total business sales fell 2.1% in March, significantly less than a positive forecast of 0.4%, according to Bloomberg consensus data.
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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