U.S. stocks were muted Monday afternoon as investors await more corporate earnings, the latest inflation report and a much-anticipated meeting between President Biden and House Speaker Kevin McCarthy over the debt ceiling this week.
The S&P 500 (^GSPC) rose 0.2% at noon ET., while on the Dow Jones Industrial Average (^DJI) lost 61 points, or 0.18%. The technology-heavy Nasdaq Composite (^IXIC) was down 0.04%.
Regional banks stocks extended Friday’s rally. After shooting up nearly 30% at the market open, PacWest Bancorp (PACW) shares pared most of those gains. The stock was up less than 5% in midday trading after the bank cut its dividend and CEO Paul Taylor reiterated the bank is “sound.”
Subsequently, the KBW regional banking index (KRX) retreated as well, falling nearly 2% after gaining nearly 5% Friday.
Stocks continued to react to Berkshire Hathaway’s annual shareholder meeting held over the weekend in Omaha, Nebraska. Berkshire stock (BRK-A, BRK-B) ticked higher by more than 1% while Occidental Petroleum (OXY) shares dropped almost 2% after Warren Buffett said Berkshire won’t be buying a controlling stake in the Houston-based oil company.
Zscaler (ZS) stock soared more than 20% in intraday trading as the cybersecurity company boosted is revenue guidance for the quarter ending in April. Zscaler now had seen the high end of its revenue forecast at $398 million. It boosted the top part of that range to $419 million on Monday.
Shares of Tyson Foods (TSN) sank more than 15% as the company cut its annual sales outlook range by $2 billion and missed Wall Street estimates for earnings per share and revenue in the first quarter.
Elsewhere in corporate earnings, Dish Networks (DISH) rose 3.5% despite reporting softer-than-expected quarterly earnings. Six Flags (SIX) stock rose roughly 20% as the theme-park operator saw fewer guests than last year but higher-than-expected revenue and increased spend per customer.
In commodities, oil futures popped on Monday. West Texas Intermediate (CL=F) and Brent (BZ=F) were up more than 2%. Brent Crude prices sat at nearly $77 a barrel.
Wholesalers inventories and trade sales came in weaker than expected on Monday. Wholesale inventories remained flat in March. Estimates projected a 0.1% increase per Bloomberg. Wholesale trade sales fell 2.1% in March, significantly lower than the 0.4% positive projection according to Bloomberg consensus data.
Markets await further economic news this week as Wednesday brings the latest highly anticipated inflation report.
The United States debt will also be in focus this week after Treasury Secretary Janet Yellen said the country could default as early as early as June 1. President Biden is expected to meet with McCarthy and other top congressional leaders to discuss solutions on Tuesday. Historically, uncertainty surrounding the debt ceiling has weighed on stocks.
Josh is a reporter for Yahoo Finance.
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May 08, 2023 at 11:11PM
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Stocks mixed as regional banks pare gains: Stock market news today - Yahoo Finance
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