Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. stocks are falling as investors await key vote on debt ceiling deal

Published 05/31/2023, 10:04 AM
Updated 05/31/2023, 11:10 AM
© Reuters.

© Reuters.

Investing.com -- U.S. stocks are falling as investors await a key vote on the debt ceiling deal.

At 11:06 ET (15:06 GMT), the Dow Jones Industrial Average fell 263 points or 0.8%, while the S&P 500 was down 0.8% and the NASDAQ Composite was down 0.7%.

The House is expected to vote later today on the deal, which lifts the debt ceiling to January 2025, limits spending and reclaims funds allocated to fight COVID and bolster the Internal Revenue Service. Passage would send it to the Senate, where lawmakers would have to act quickly to meet a June 5 deadline after which the U.S. could risk default.

The unresolved matter has weighed on markets for weeks, though recent breakthroughs have lifted tech stocks. The S&P 500 and Nasdaq are both set to end May on a positive note, and the tech-heavy Nasdaq could notch its best performance for May in three years. 

Investors are also looking to Friday's jobs report for May, which is expected to show job growth slowed but still rose 180,000. Data released Wednesday showed employers had 10.1 million job openings as of the end of April, more than expected.

The Federal Reserve will be closely studying the jobs report as it heads into its next meeting in June. Expectations are rising that the policymakers will raise interest rates again, by another quarter of a percentage point. 

Shares of PC maker HP Inc. (NYSE:HPQ) fell 3.4% after it reported a drop in sales as consumers spend less on personal computers. Shares of Hewlett Packard Enterprise (NYSE:HPE) also fell 7% as the maker of network and other equipment fell short of expectations. 

American Airlines Group (NASDAQ:AAL) shares rose earlier but then turned lower, down 0.3% after the carrier raised its second quarter profit forecast. Data on Tuesday showed holiday weekend air travel edged higher than pre-pandemic levels.

Latest comments

90% of stocks are owed by those in top 10% of wealth lmfao
RIP USA.
Buy on dips 😂i just comment without any knowledge 🤣
Where's Messiah Nvidia and AI when investors need them to rescue the stocks from falling?
one could just say that someone sells a lot because he likes money whatever the reason
us stocks markets is increasing
The approval of the debt is not a foregone conclusion, indeed the probability of it being approved is considered low by the market.
they want to make you think that the market considers the probability low so that they have a great excuse for another nonsense rally once the new debt ceiling has been approved. Manipulation 2.0
Time to sell and sit out till Jun 7.
SVB failed and we got a bond crisis so now republicans think is the time for this. What more proof do you need - republicans hate you and your country.
Save America - vote against any republican. The other 5-6 political parties could actually govern if they were gone.
investing.com literally proved government spending was recapitalize the banks - republican hate that. They want our banks too
American jokar Trump and indian jokar rahul are both mental
Biden is the WORST president we've ever had. He's been riding this pony down for 2.5 years now. He HATES America and is a traitor.
James is another maga cult members who wants the trump criminal syndicate to rule America..
just start the printer already, any debt can covered with printed money
lost more money to interest than we saved in stopping free food. Do the bailed out bank CEOs have more work requirements?
republicans could have done a clean deal weeks ago - but - republicans hate American values and it's people.
Democrats could’ve done a deal months ago but theh wont give an inch.
please explain so I can have a rebuttal. most aren't worth reaching out to but your not blocked.
what happened tomorrow Indian market up or down
Down 1000 point sesex
Sensex down 1000 or more
LOL. any move related to debt ceiling. Can't you come up with some other reason?
Once in a generation crash is here. Many will never recover.
You think 2,000 is the top? Yikes. Ill see you at 5,000 an oz
 somehow gold is unable to sustain 2000$
Hey Chad you missed out on that crash. spread that fud on wsb
Get ready for some wild swings that might kick out on stop losses and crater to minus 5%. It will all be one bitchy fight.
the fed will raise interest rate one more and that will be catastrophe rest of ther year
American Civil War
lol - I love the dumb Americans too. Taiwan, Tennis, Tiananmen Square, Tibet.
Once the house votes to raise the debt ceiling, stocks will soar to all time highs
when they start for the votes?
this evening
Soar? Why on earth should ugly debt burden collecting U.S. civilian keep breathing?
Falling....duh
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.