Stock market today: S&P 500 snaps 9-day win streak as rally fizzes out

Investing.com-- The S&P 500 closed lower Monday, snapping a nine-day wining streak, driven by a fall in energy and caution as traders awaited an update on trade deals as well as the Fed decision due later this week.  

At 4:00 p.m. ET (20:00 GMT), the blue-chip Dow Jones Industrial Average fell 98 points, or 0.2%, the benchmark S&P 500 dropped 0.7%, and the tech-heavy Nasdaq Composite slipped 0.7%.

Energy stocks slump as oil price fall on OPEC+ output hike plans

Shares in oil majors Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) fell as oil prices came under pressure after the Organization of the Petroleum Exporting Countries and its allies -- a group known as OPEC+ that makes up a bulk of global oil production - decided to hike production starting in June.

The announcement sent oil prices down on Monday. Brent oil futures for June fell 1.9% to $60.14 in recent trade.

Trump: Trade deals updates possibly this week 

Investors are keeping a close eye on trade deals this week after President Donald Trump told reporters on Sunday that deals with some trading partners “could very well be” announced this week. 

Optimism on the trade front had been growing in recent weeks after China said that it was mulling an offer to discuss Trump’s steep 145% levies. Beijing has responded to the measure with 125% duties of its own on U.S. imports.

Berkshires slips as Buffett to step down; Skechers jumps on deal fever

Berkshire Hathaway (NYSE:BRKb) (NYSE:BRKa) fell 5% after the investment conglomerate posted a 14% drop in first-quarter operating earnings versus the prior year to $9.64 billion, due in large part to insurance losses linked to devastating wildfires in California.

Skechers USA Inc (NYSE:SKX) jumped more than 24% after the footwear company agreed to be taken private by 3G Capital in $63-per-share deal.

Tyson Foods Inc (NYSE:TSN), fell nearly 8% after the reporting quarterly revenue that fell short of analyst estimates as rising meat prices dented demand from spending-wary consumers.   

(Scott Kanowsky contributed to this report.)