Stocks buffeted the flatline on Monday, unable to stick to a direction as crude oil continued its slide.
The S&P 500 was down 0.03%, the Dow Jones Industrial Average was flat, and the Nasdaq fell 0.17%.
Oil fell into the red, reversing earlier gains, as worries over supply and demand resurfaced. Crude fell 4.1% last week on signs a domestic supply glut is worsening with inventories building by millions of barrels each week. West Texas Intermediate crude oil slid 1.1% to $39.03 a barrel on Monday.
The energy sector was the worst performer on Monday. Major oilers such as ConocoPhillips (COP) - Get ConocoPhillips Report , Royal Dutch Shell (RDS.A) and Kinder Morgan (KMI) - Get Kinder Morgan Inc. Report slid, while the Energy Select Sector SPDR ETF (XLE) - Get The Energy Select Sector SPDR Fund Report fell 0.7%.
Pending home sales reached a seven-month high. The number of houses in which a sale has been made but the deal not yet finalized climbed 3.5% in February, notching a reading of 109.1. Economists had expected pending home sales to climb by 1.8%.
Wall Street was closed on Good Friday and reopened as normal on Monday morning. European markets were closed for the Easter Monday public holiday.
U.S. stocks snapped a five-week winning streak on Thursday on renewed concerns about a crude-oil supply glut and global security worries following a terrorist attack in Belgium. For the week, the S&P 500 fell 1%, and the Dow dropped 0.6%. The losses were enough to pull stocks back into negative territory for the year.
Consumers both spent more and saved more in February, according to the latest data from the Commerce Department. Consumer spending rose 0.1% in February, in line with economists' estimates. However, incomes climbed 0.2%, the smallest increase since September. Meanwhile, the personal savings rate rose to a one-year high of 5.4%.
Federal Reserve chatter was fueling some positive momentum early Monday. San Francisco Fed President John Williams struck a dovish tone, arguing that the current global environment is preventing the central bank from hiking rates sooner than later.
"The real issue is the global financial and economic developments, there's uncertainty about what's happening around the world and how that feeds back to the dollar and the U.S. economy," Williams told CNBC.
Williams' comments are in contrast to hawkish commentary from last week that increased the chances of a rate hike as soon as April. St. Louis Fed President James Bullard last week said that the economy continues to improve, noting that "the next rate increase may not be far off."
Pandora (P) tumbled 9% after Brian McAndrews resigned as CEO, effective immediately, after less than three years in the role. The company named founder Tim Westergren as its new CEO.
Starwood Hotels (HOT) climbed more than 2% after Chinese company Anbang Insurance Group raised its buyout offer. Marriott International (MAR) - Get Marriott International Report has already offered a merger proposal, which was initially accepted before Anbang expressed interest.
Batman vs. Superman, a production of Time Warner's (TWX) Warner Bros., topped the weekend box office, pulling in $170.1 million in North American sales and $254 million overseas. Analysts estimated the film needs to generate more than $800 million in total to break even.
GameStop (GME) - Get GameStop Corporation Report slid 6% after issuing weaker-than-expected guidance for its current quarter and full year. The company expects console sales to fall by 10% this year and new game sales to decline between 5% and 10%.
Yahoo! (YHOO) climbed more than 1% on reports Microsoft (MSFT) - Get Microsoft Corporation Report executives have held early talks with potential Yahoo! investors about contributing to financing to buy the Internet company. Microsoft executives have reportedly held early talks with Yahoo!. Yahoo! is currently at risk of a proxy fight with activist investor Starboard Value, which is unhappy with its performance and calling for a board overhaul.
Qlik Technologies (QLIK) jumped 8% on reports it is exploring strategic alternatives, including a possible sale. The data analytics company is currently under pressure from hedge fund Elliott Management which disclosed an 8.8% stake earlier this month.