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Stock market today: Dow edges lower as debt ceiling deal talks falter

Published May 19, 2023 04:25PM ET
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Investing.com -- U.S. stocks closed lower after negotiators hit pause on talks to reach an agreement on raising the debt ceiling.

The Dow Jones Industrial Average closed down 109 points or 0.3%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.2%.

All three major indexes ended up for the week, and for the S&P 500 and the Nasdaq, it was the best weekly gain since March.

Lawmakers shut down the negotiations on the debt ceiling, killing expectations that a deal to avoid default would be reached over the weekend. President Joe Biden, who is in Japan for the Group of Seven summit of world leaders, is expected to return home on Sunday and hold a press conference to update on the progress of the talks.

Biden administration officials have said the U.S. has until early June, possibly as early as June 1, to get a deal done before it runs out of options to continue paying its obligations.

Federal Reserve Chair Jerome Powell participated on a panel with former Fed Chair Ben Bernanke at a conference in Washington. During the discussion, Powell said interest rates might not have to rise as high as expected because the turmoil in the banking sector was reining in the availability of credit, which also helps to cool the economy. Powell's appearance caps a week of appearances by Fed officials, whose comments reveal the policymakers are still deciding whether to pause rate hikes in June or continue to tighten as they fight inflation.

Investors interpreted Powell's comments as signaling a pause in interest rate increases in June, with futures traders putting a 78% chance on the central bank keeping rates where they are.

Agricultural equipment maker Deere (NYSE:DE) raised its annual profit forecast as surging farm incomes boost purchases. Shares dipped 1.9%.

Shares of apparel and shoe retailer Foot Locker (NYSE:FL) tumbled 27% after it cut its annual sales and profit forecasts. It saw a steep drop in demand despite big discounts meant to clear inventory.

Investment bank Morgan Stanley (NYSE:MS) shares wobbled after CEO James Gorman announced plans to step down in the next year. Shares fell 2.7%.

Stock market today: Dow edges lower as debt ceiling deal talks falter
 

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Comments (2)
Stan Smith
Stan Smith May 19, 2023 6:21PM ET
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It was up 400 points yesterday on debt ceiling optimism, but just down 100 on pessimism...honestly?
May 19, 2023 6:21PM ET
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They make the news man, dont uou know ???
Stan Smith
Stan Smith May 19, 2023 6:21PM ET
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Yeah but don't they see their hypocrisy...who believes this news?
Antoine Smith
Antoine Smith May 19, 2023 6:21PM ET
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next week goes back up on Fed hopes
Mario tragik
Mario tragik May 19, 2023 5:05PM ET
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not low enough, yesterdays rally should have evaporated completely and more.
Morgan Ferris
Morgan Ferris May 19, 2023 5:05PM ET
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👍
Gothic Serpent
gothicserpent May 19, 2023 5:05PM ET
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Time for you to say 4300!
Carl Tom
Carl Tom May 19, 2023 5:05PM ET
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dead car bounce
 
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