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(Bloomberg) -- 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 two-and-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 U.S. 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.

“To me, Powell is probably going to largely continue the existing policy,” Jerry Paul, senior vice president of fixed income and portfolio manager at Icon Funds in Denver, said by phone. “But the real question is what’s the real composition of the Fed gong to look like in 2018? People keep talking about the Fed’s intentions for 2018, but we’ve largely got an empty board there.”

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.

Nickel led a slump in industrial metals, with copper declining for the first time in seven sessions. Precious metals had a better day, with gold and platinum rising.

Terminal subscribers can read our Markets Live blog.

Here are some key events coming up this week:

  • The U.S. Senate as soon as this week could debate and vote on tax-cut legislation.
  • Minnesota Fed President Neel Kashkari, New York Fed President Bill Dudley, Philadelphia Fed’s Pat Harker are among other Fed speakers this week.
  • President Trump will meet with Democratic and Republican congressional leaders Tuesday to discuss a federal spending plan to prevent a partial shutdown and keep the government open after current funding expires Dec. 8.
  • Bank of England publishes annual stress tests Tuesday alongside its Financial Stability Review looking at the health of U.K. banks.
  • In China, the official and Caixin manufacturing PMIs are expected to show mostly steady momentum. 
  • Japan industrial production is forecast to have rebounded in October, but CPI may show a sharp divergence between headline and core inflation, Bloomberg Intelligence said.
  • The second print of third-quarter U.S. GDP on Wednesday may be revised up thanks to consumer spending and inventory accumulation, Bloomberg Intelligence said. The core PCE deflator, the Fed’s preferred gauge of inflation, is due Thursday
  • OPEC meets in Vienna on Thursday.

These are the main moves in markets:

Stocks

  • The S&P 500 Index fell less than 0.05 percent as of 4:04 p.m. New York time.
  • The Stoxx Europe 600 Index decreased 0.5 percent.
  • The U.K.’s FTSE 100 Index fell 0.3 percent.
  • Germany’s DAX Index declined 0.5 percent.
  • The MSCI Emerging Market Index dipped 1 percent.

Currencies

  • The Bloomberg Dollar Spot Index gained 0.1 percent.
  • The euro decreased 0.3 percent to $1.19, the first decline in a week.
  • The British pound declined 0.1 percent to $1.332.
  • The Japanese yen climbed 0.4 percent to 111.10 per dollar, the strongest in 10 weeks.

Bonds

  • The yield on 10-year Treasuries declined one basis point to 2.33 percent.
  • Germany’s 10-year yield fell two basis points to 0.34 percent.
  • Britain’s 10-year yield gained less than one basis point to 1.253 percent.

Commodities

  • West Texas Intermediate crude fell 1.8 percent to $57.89 a barrel.
  • Gold increased 0.4 percent to $1,293.58 an ounce, the highest in over five weeks.
  • Copper declined 0.9 percent to $6,942 a ton.

Asia

  • Japan’s Nikkei 225 Stock Average sank 0.2 percent.
  • The MSCI Asia Pacific Index sank 0.3 percent.
  • Japan’s 10-year yield climbed one basis point to 0.043 percent, the highest in more than a week.

--With assistance from Abhishek Vishnoi Adam Haigh and Cormac Mullen

To contact the reporters on this story: Sarah Ponczek in New York at sponczek2@bloomberg.net, Julie Verhage in New York at jverhage2@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Andrew Dunn

©2017 Bloomberg L.P.

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