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U.S. stocks are falling as negotiations on debt ceiling drag on

Published May 23, 2023 10:07AM ET Updated May 23, 2023 11:23AM ET
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Investing.com -- U.S. stocks are falling as the negotiations over raising the nation’s dead ceiling continue with a deadline fast approaching.

At 11:17 ET (15:17 GMT), the Dow Jones Industrial Average fell 15 points or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite fell 0.2%.

President Joe Biden and House Speaker Kevin McCarthy met at the White House on Monday, and though no deal was reached, both expressed optimism that one was close in hand.

Still, negotiators are still trying to come to an agreement on spending levels. Congress has to raise or suspend the debt ceiling in the next few days to avoid the possibility of a U.S. default. Treasury Secretary Janet Yellen has put that X-date at June 1.

Uncertainty over the debt ceiling is hanging over Federal Reserve policymakers as they look toward their next meeting in June. Futures traders are factoring in a pause in interest rate increases next month while officials assess the progress their actions have taken to date to cool inflation.

Some Fed officials have suggested in recent days that rates would continue to climb this year, as inflation is still running at more than twice the Fed’s 2% target.

Manufacturing PMI was 48.5 in the recent reading, versus 50 expected. Services PMI was 55.1 versus the 52.6 expected. New home sales for April rose 4.1% in the month versus the 3.3% expected.

On Friday, the Commerce Department will release a key measure of inflation for April in the form of the personal consumption expenditure index.

Apple Inc. (NASDAQ:AAPL) unveiled a new deal with chipmaker Broadcom Inc (NASDAQ:AVGO) to make components for 5G radio frequency in the U.S. Shares of Apple dipped 0.6% and Broadcom rose 1.8%.

Lowe's Companies, Inc. (NYSE:LOW) shares rose 2.5%, but the retailer cut its annual same-store sales forecast amid waning demand for do-it-yourself home projects.

Shares of Dick’s Sporting Goods, Inc. (NYSE:DKS) rose 0.6% after it affirmed its annual sales outlook.

U.S. stocks are falling as negotiations on debt ceiling drag on
 

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Comments (22)
Erikke Evans
Erikke May 24, 2023 3:09AM ET
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lol Stocks fell just over 1%. This is nothing but profit taking. If stocks were to truly react to debt ceiling fears market indexes would be down thousands of points.
Byron Ortega
Byron Ortega May 23, 2023 3:02PM ET
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Its crazy how noone is above these whitw haired demons! They do what they want when they want and most beneficial for THEM. Complete scam
Kerry Ditto
Kerry Ditto May 23, 2023 12:59PM ET
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maybe reversal stocks rally?
Stan Smith
Stan Smith May 23, 2023 12:59PM ET
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Like at 3pm every day? yes its highly probable regardless of any news
Chad Richer Than You
Chad Richer Than You May 23, 2023 12:58PM ET
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Once in a lifetime stock market crash is coming
Brad Albright
Brad Albright May 23, 2023 12:58PM ET
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How's that gold you bragged about buying at $2,000 working out for you?
Maximus Maximus
Maximus Maximus May 23, 2023 12:58PM ET
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oh no!
Kerry Ditto
Kerry Ditto May 23, 2023 12:49PM ET
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stop preMem selling and go for bargain hunting?
jaro slobreg
jaro slobreg May 23, 2023 12:44PM ET
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in reality well prepared recession ready for shorting, in circus just up_down_up_down show
Wen Lin
Wen Lin May 23, 2023 12:33PM ET
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“Dead ceiling”? 🤦‍♂️
Luther Meadows
Luther Meadows May 23, 2023 12:21PM ET
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Trash politicians, for the people my a*s. More like for your greedy agenda.
Kerry Ditto
Kerry Ditto May 23, 2023 12:15PM ET
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sell before Memorial day makes sense
Bhagwan Dass
Bhagwan Dass May 23, 2023 12:11PM ET
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devil Biden have destroy the world.
Brad Albright
Brad Albright May 23, 2023 12:11PM ET
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Gosh. That's sad.
First Last
First Last May 23, 2023 12:11PM ET
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He's too sleepy to do that.
Maximus Maximus
Maximus Maximus May 23, 2023 12:11PM ET
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putin, this is what you get when you outsource your trolling operations..
 
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