US stocks trade mixed as investors prepare for April inflation data and debt ceiling showdown

• US stocks were mixed on Monday as investors prepare for the April CPI report and debt ceiling showdown in Congress.
• The inflation report will help guide the Fed as to whether it hikes interest rates in June.
• Senate Republican Leader Mitch McConnell said he doesn't have a "secret plan" to prevent a US debt default.

US stocks traded mixed on Monday as investors prepare for the April CPI report due out on Wednesday, and nervously watch the debt ceiling showdown in Congress.

The consumer price index report for April will help guide the Federal Reserve in its interest rate decision at the next FOMC meeting in mid-June. The Fed $4 increasing the fed funds rate by 25 basis points to just over 5%.

Meanwhile, a debt ceiling deadline is expected to be reached as early as June 1, according to Treasury Secretary Janet Yellen, and right now there seems to be little progress in Congress on a potential deal. Senate Republican leader Mitch McConnell said on Monday that he does not have a "secret plan" to broker a deal between President Joe Biden and Republicans.

"They're assuming there's some little secret plan here. The White House and the speaker's teams need to sit down now and settle it," McConnell said, adding that he would back House leader Kevin McCarthy's debt ceiling deal.

Here's where US indexes stood at the 4:00 p.m. ET close on Monday:

• S&P 500>$4: 4,138.12, up 0.05%
• Dow Jones Industrial Average>$4: 33,618.55, down 0.17% (55.83 points)
• Nasdaq Composite>$4: 12,256.92, up 0.18%

Here's what else happened today:

• Berkshire Hathaway's annual shareholder meeting took place over the weekend, and investors paid close attention to what $4
• Berkshire Hathaway revealed that $4 in the first quarter of the year, which represented about 20% of its stake in the oil giant.
• Buffett $4 but said that the US government could suffer a painful fallout if it continues its pace of spending.
• Fundstrat's Tom Lee $4 as sentiment has reached "near absurd" levels.
• JPMorgan's Marko Kolanovic said $4 as the only reason they'd cut rates this year is because of a financial crisis or recession.
• $4 on Monday after declining beef sales caused the company to cut its earnings outlook.

In commodities, bonds and crypto:

• $4 oil rose 2.13% to $72.86 per barrel. $4, oil's international benchmark, jumped 1.86% to $76.70.
• $4 rose 0.23% to $2,029.40 per ounce.
• The yield on the 10-year Treasury jumped eight basis points to 3.52%.
• Bitcoin dropped 3.58% to $27,551, while ether fell 1.98% to $1,842.