Stocks weaker at start of busy week

U.S. equities ended Monday little changed as declining oil prices pulled down energy stocks at the start of a busy news week.

West Texas Intermediate crude slipped after U.S. drillers expanded operations while OPEC and Russia prepare to discuss longer supply curbs. The S&P 500 Index fell less than 0.05 percent, giving up early gains, as companies including Marathon Oil Corp. and Newfield Exploration Co. dropped.

“After rallying to a twoand-a-half year high, WTI is stumbling lower ahead of the OPEC meeting later this week, as fears creep in that a production cut extension may not be formally announced,” Matt Smith, director of commodity research at Clipper Data, said in an email.

Western Digital Corp., Seagate Technology Plc and Micron Technology Inc. dragged on the Nasdaq 100 Index after Morgan Stanley downgraded Western Digital. Reports of North Korea preparing a missile launch may also have affected markets, as the yen moved higher.

Meanwhile, investors are gearing up for a big week, with President Donald Trump scheduled to address Senate Republicans Tuesday ahead of a potential vote on a tax overhaul. Federal Reserve Chair Janet Yellen testifies before the congressional Joint Economic Committee in Washington, and the confirmation hearing for her nominated successor, Jerome Powell, begins. Adding to the mix are data on U.S. GDP, prices and jobs.

The Stoxx Europe 600 Index fell as defensive sectors such as real estate and utilities outperformed cyclical shares, with Deutsche Bank AG recommending a switch. The euro declined and German bonds gained as the country moved closer to forming a new government.