U.S. stocks were wobbling as investors await outcome of debt ceiling talks
Investing.com — U.S. stocks were wobbling as investors await more clarity on the outcome of debt ceiling negotiations in Washington.
At 10:15 ET (14:15 GMT), the fell 138 points or 0.4%, while the was down 0.3% and the was down 0.1%.
As a deadline looms over the debt ceiling talks, Democrats and Republicans are still hashing out an agreement to raise it. Congress has to act in the next few weeks to avoid the possibility of a default, a date that could come as soon as June 1, according to Biden administration officials.
Republicans have been seeking spending cuts as a condition of raising the limit, while Democrats want to negotiate budget issues separately. The U.S. hit the debt limit of $31.4 trillion in January, forcing the Treasury Department to maneuver around it to keep paying obligations.
Many have warned of potentially dire consequences if the U.S. defaults on its obligations, including the potential for a stock sell-off.
A number of Federal Reserve officials are slated to speak in public this week, including a speech by Chair Jerome Powell on Friday. Futures traders are almost unanimous in their expectations the will pause its interest rate hikes at its meeting next month.
Atlanta Fed President said on Monday he does not expect any interest-rate cuts this year. The Fed continues to battle that is running at more than twice its target 2% rate and continues to work to lower it.
The Fed’s on current business conditions was a negative 31.8 in May, a bigger drop than expected.
In other economic reports this week, will be released on Tuesday and weekly come out on Thursday. There will also be data on housing.
Shares of ONEOK, Inc. (NYSE:) fell 7.7% after it said it would buy pipeline operator Magellan Midstream Partners LP (NYSE:) for about $18.8 billion including debt. Shares of Magellan rose 14.5%.
Newmont Corporation (NYSE:) shares rose 1.6% after the mining company struck a deal to buy Australian gold miner Newcrest Mining Ltd. (ASX:) for $17.5B. Newcrest shares rose 1.5%.
Oil was rising. was up 0.8% to $70.62 a barrel, while was up 0.8% to $74.84 a barrel. rose 0.3% to $2,025.
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Investing.com — U.S. stocks were wobbling as investors await more clarity on the outcome of debt ceiling negotiations in Washington.
At 10:15 ET (14:15 GMT), the fell 138 points or 0.4%, while the was down 0.3% and the was down 0.1%.
As a deadline looms over the debt ceiling talks, Democrats and Republicans are still hashing out an agreement to raise it. Congress has to act in the next few weeks to avoid the possibility of a default, a date that could come as soon as June 1, according to Biden administration officials.
Republicans have been seeking spending cuts as a condition of raising the limit, while Democrats want to negotiate budget issues separately. The U.S. hit the debt limit of $31.4 trillion in January, forcing the Treasury Department to maneuver around it to keep paying obligations.
Many have warned of potentially dire consequences if the U.S. defaults on its obligations, including the potential for a stock sell-off.
A number of Federal Reserve officials are slated to speak in public this week, including a speech by Chair Jerome Powell on Friday. Futures traders are almost unanimous in their expectations the will pause its interest rate hikes at its meeting next month.
Atlanta Fed President said on Monday he does not expect any interest-rate cuts this year. The Fed continues to battle that is running at more than twice its target 2% rate and continues to work to lower it.
The Fed’s on current business conditions was a negative 31.8 in May, a bigger drop than expected.
In other economic reports this week, will be released on Tuesday and weekly come out on Thursday. There will also be data on housing.
Shares of ONEOK, Inc. (NYSE:) fell 7.7% after it said it would buy pipeline operator Magellan Midstream Partners LP (NYSE:) for about $18.8 billion including debt. Shares of Magellan rose 14.5%.
Newmont Corporation (NYSE:) shares rose 1.6% after the mining company struck a deal to buy Australian gold miner Newcrest Mining Ltd. (ASX:) for $17.5B. Newcrest shares rose 1.5%.
Oil was rising. was up 0.8% to $70.62 a barrel, while was up 0.8% to $74.84 a barrel. rose 0.3% to $2,025.