U.S. stocks were little changed on Monday as a drop in oil prices that weighed on the energy sector was offset with a strong showing by biotech stocks.
As earnings season draws to a close, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming, to assess the odds of an interest rate hike in coming months.
Of the 479 companies in the S&P 500 that have reported earnings, 71 percent have topped Wall Street's expectations, according to Thomson Reuters data through Monday morning. Earnings are currently showing a decline of 2.3 percent for the quarter.
The Dow Jones industrial average .DJI fell 23.15 points, or 0.12 percent, to 18,529.42, the S&P 500 .SPX lost 1.23 points, or 0.06 percent, to 2,182.64 and the Nasdaq Composite .IXIC added 6.23 points, or 0.12 percent, to 5,244.60.
Asian stocks swung between gains and losses as energy producers declined after crude oil futures slumped and investors weighed the chances of higher U.S. interest rates this year.
The MSCI Asia Pacific Index rose less than 0.1 percent to 139.07 as of 9:11 a.m. in Tokyo, after falling as much as 0.1 percent. Investors are awaiting a speech by Federal Reserve Chair Janet Yellen later this week at Jackson Hole, Wyoming, following hawkish comments from Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley.
Reference: Reuters, Bloomberg
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