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Investing.com — The Dow closed lower Monday, amid range-bound trading as investors looked to further catalysts including the consumer inflation report due later this week.
The Dow Jones Industrial Average fell 0.17%, or 55 points lower, the Nasdaq gained 0.2%, and the S&P 500 was flat.
Investors started the week preferring to keep their powder dry ahead of April’s consumer price index, due Wednesday, that is expected to show an uptick in inflation for the month.
The inflation report comes just days after data on Friday flagged a tight labor market as the economy created more jobs than expected in April and unemployment unexpectedly fell, forcing investors to rein in their bets on rate cuts this year.
Regional banks continued to dominate attention as PacWest Bancorp (NASDAQ:PACW) gave up the bulk of gains despite opening up more than 30% higher after announcing that it had cut its dividend 1 cent from 25 cents a share in the previous quarter to boost its finances.
Berkshire Hathaway (NYSE:BRKa), however, helped boost financials after rising about 1% following quarterly results that topped Wall Street estimates on both the top and bottom lines.
Consumer staples were also a drag on the broader market, paced by a 16% slump in Tyson Foods Inc (NYSE:TSN) as the food production company slashed its revenue outlook after reporting an unexpected loss in the first quarter.
Big tech was mostly higher, with Meta Platforms Inc (NASDAQ:META) and Alphabet (NASDAQ:GOOGL) leading to the upside amid media reports the search engine giant plans to make search more personal by incorporating AI chat and video.
Zscaler (NASDAQ:ZS) raised its full-year guidance, sending its shares more than 20% higher after pre-announcing better-than-expected quarterly results, as new contract wins bolster revenue.
“We continue to believe ZS is a top name in this space to own as this cloud cybersecurity shift accelerates over the next decade as this was an impressive pre-announcement of earnings in this murky economic environment,” Wedbush said in a note.
On the political front, Treasury Secretary Janet Yellen has warned of “dire consequences” should the U.S. fail to raise the debt ceiling. Yellen has previously warned the U.S. could default as early as June 1 should Congress fail to lift the limit on what the federal government can borrow.
The warning comes ahead of President Biden’s meeting with House Speaker Kevin McCarthy and other top congressional leaders this week to find a solution to the debt ceiling standoff.
Source: Investing.com
