All eyes are on President Joe Biden and House Speaker Kevin McCarthy, ahead of another meeting to negotiate the U.S. debt ceiling as the deadline to avoid a potential default grows closer. However, government spending continues to be a huge point of contention between the two leaders. Investors are also anticipating the release of the Federal Reserve's meeting minutes for May, which could shed light on the future of interest rate hikes.

Amid this uncertainty, the Dow dropped 140 points, while the S&P 500 finished flat, and the tech-heavy Nasdaq scored a modest gain. Meanwhile, the Cboe Volatility Index (VIX) moved higher.

GOLD DIPS AS DEBT CEILING TALKS CONTINUE

Oil prices reversed earlier losses on Monday to settle higher, but no specific catalysts were at play. June-dated crude added 44 cents, or 0.6%, to close at $71.99 per barrel on the day, with contracts expiring at the close.

Meanwhile, gold prices settled lower amid ongoing U.S. debt ceiling negotiations and tensions between the U.S. and China. June-dated gold fell $4.40, or 0.2%, to close at $1,977.20 an ounce on the day.

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