The S&P 500 settled at a positive flatline on Monday as market participants awaited another U.S. debt ceiling meeting after market close as concerns grow over a possible default next month. The Dow Jones Industrial Average fell nearly 150 points, while the Nasdaq Composite rose 0.5%.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.02% or +0.65 points to 4,192.63
Dow Jones Industrial Average (NYSE: DIA): -0.42% or -140.05 points to 33,286.58
Nasdaq Composite Index (NASDAQ: QQQ): +0.50% or +62.88 points to 12,720.78
Much of the market's moves on Monday on the day were made in mind of a meeting set between President Joe Biden and House Speaker Kevin McCarthy late Monday to continue debt ceiling negotiations. Investors grew concerned last week after Republican lawmakers walked out of debt talks. Monday's talks come just 10 days before the earliest date U.S. Treasury Secretary Janet Yellen said the U.S. could no longer repay its debts.
Debt ceiling talks are set to demoniate market attention for the week ahead, as Monday began a relatively light week for economic data. Major economic news slated for this week includes the release of the Federal Reserve's minutes from its latest meeting in May and a reading on April's personal consumption expenditures, which is the Fed's preferred inflation gauge.
The week also will see the release of more notable earnings reports from companies like Zoom Video (NASDAQ: ZM) and Lowe's (NYSE: LOW).
In single-stock news, Pfizer (NYSE: PFE) shares popped on Monday after the JAMA Network published the results of a peer-reviewed stuate that showed the pharamcatucal giant's danuglipron may be as effect for weight loss of Novo Nordisk's (NYSE: NVO) popular Ozempic.
Chevron (NYSE: CVX) announced it would by PDC Energy (NASDAQ: PDCE) for $6.3 billion, or $72 per share, in an all-stock deal. The total enterprise value of the deal is $7.6 billion, including all debt. Chevron CEO Mike Wirth said "PDC's attractive and complementary assets strengthen Chevron's position in key U.S. production basins."
Meta Platforms (NASDAQ: META) was fined a record $1.3 billion by European privacy regulators over the transfer of European Union user data to the United States. Meta said it would appeal the decision and the fine.
"We are appealing these decisions and will immediately seek a stay with the courts who can pause the implementation deadlines, given the harm that these orders would cause, including to the millions of people who use Facebook everyday," said Nick Clegg, president of global affairs at Meta, and Jennifer Newstead, chief legal officer the the social media giant, in a blog post on Monday.
Looking ahead, Wall Street is expected to react to statements following Monday's debt-ceiling talks.