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Stock futures inch up as regional banks rally: Stock market news today

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U.S. stock futures were muted Monday morning as investors await corporate earnings reports ahead of a packed week that includes the latest inflation report and significant movement on the looming debt ceiling debate.

Futures tied to the S&P 500 (^GSPC) rose 0.20%, while futures on the Dow Jones Industrial Average (^DJI) added 75 points, or 0.22%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were up 0.03%.

Regional banks stocks continued Friday’s rally in pre-market trading. PacWest Bancorp (PACW) stock soared more than 30% after the bank cut its quarterly dividend and CEO Paul Taylor reiterated the bank is “sound.”

The KBW regional banking index (KRX) looked to build on gains of nearly 5% Friday. Despite the early morning boost, PacWest shares are still set to open about 30% lower than a week ago.

Stocks continued to react to Berkshire Hathaway’s annual shareholder meeting held over the weekend in Omaha, Nebraska. Berkshire stock (BRK-A, BRK-B) ticked higher by more than 1% while Occidental Petroleum (OXY) shares traded lower after Warren Buffett said Berkshire won’t be buying a controlling stake in the Houston-based oil company.

Shares of Tyson Foods (TSN) sank more than 7% pre-market as the company cut its annual sales outlook range by $2 billion and missed Wall Street estimates for earnings per share and revenue in the first quarter.

Elsewhere in corporate earnings, Dish Networks (DISH) fell more than 4% on softer-than-expected quarterly earnings. Six Flags (SIX) stock rose more than 8% as the theme-park operator saw fewer guests than last year but higher-than-expected revenue and increased spend per customer.

In commodities, oil futures popped on Monday morning. West Texas Intermediate (CL=F) and Brent (BZ=F) were up more than 2%. Brent Crude prices sat at nearly $77 a barrel.

Markets await further economic news this week as wholesalers inventories are expected on Monday prior to Wednesday’s highly anticipated inflation report.

Josh is a reporter for Yahoo Finance.

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