Stocks: Chevron, PacWest, Micron amongst the morning's top movers

Yahoo Finance Live discusses top stock market movers such as Chevron, PacWest and Micron.

Video transcript

- Let's get a pulse of the New York Stock Exchange now. Yahoo Finance contributor, Remy Blaire, is across all of the market action this morning. Remy, give us the pulse on Wall Street.

REMY BLAIRE: Well, US stocks opened on a flat note. And this does come on the heels of the major US equity averages closing higher in the previous week. The Dow Jones Industrial average posted its first weekly gain in three weeks last week, and we saw the NASDAQ and the S&P 500 hit 2023 highs. Now this week the latest earnings reports as well as economic data and Fed speak, will be in the spotlight as well as progress on debt ceiling talks in DC.

As for market moving stocks this morning, let's start out with Dow component Chevron. We saw shares tread slightly lower. And this does come on the heels of the multinational energy company announcing that it will buy PDC energy in an all-stock deal worth $6.3 billion, including debt. The deal will amount to $7.6 billion. Based on Friday's closing share prices, PD shares are valued at a 10.6% premium. Meanwhile in regional bank stocks, we saw PacWest shares advance, and this does come on the heels of its gains in the previous week.

Now, keep in mind that PacWest is recovering the $6 a share level, and this comes as the regional lender agreed to sell $2.6 billion in real estate construction loans to Kennedy Wilson holdings. Last but not least, Micron shares are in the spotlight this morning. This comes as Beijing says products made by the US chip giant poses a national security risk to China's critical information infrastructure supply chain. The company does expect the ban on its infrastructure chips to hit revenue in the range of low to high single digit percentage points.

Now other chip stocks are seeing lower trading on this Monday morning on the heels of this news. And keep in mind that we'll be watching Nvidia as it reports its earnings in midweek trade.