+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

US stocks trade mixed as Biden and McCarthy are due to meet on debt-ceiling talks

May 22, 2023, 20:36 IST
Business Insider
President Joe BidenAlex Wong/Getty Images
  • US stocks traded mixed Monday, with investors monitoring updates on the latest debt deal talks.
  • President Joe Biden and House Speaker Kevin McCarthy are slated to meet Monday for further negotiations.
Advertisement

US stocks traded mixed Monday ahead of debt-ceiling negotiations between President Joe Biden and House Speaker Kevin McCarthy.

On Sunday, Treasury Secretary Janet Yellen reiterated her warning that the government will run out of money to pay its bill as early as June 1, though stocks have seemingly shrugged off risks and ended last week in the green.

In the five days to Friday, the S&P 500 gained 1.65%, the Nasdaq was up 3.04%, and the Dow moved 0.38% higher.

But JPMorgan warned in a Monday note that equities could see a violent re-pricing similar to 2011, when the S&P 500 sold off 17% amid the last debt-ceiling standoff.

"Our base case," the firm's strategists wrote, "remains that the debt ceiling ultimately does get lifted/suspended though the journey to that end could be at the eleventh hour and drive significantly higher market instability than appreciated by the market currently."

Advertisement

Here's where US indexes stood as the market opened 9:30 a.m. on Monday:

Here's what else is going on:

In commodities, bonds, and crypto:

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article