The main indices of Wall Street closed with the majority of increases this Monday, May 22, while markets await news on a new round of talks to raise the US debt ceilingin a session in which Micron shares fell after the Chinese ban on its memory chips.
Meanwhile, the Industrial Average Dow Jones it lost 139.05 points, or 0.4%, to 33,286.58; the index S&P 500 rose 0.02% points to 4,192.63 units; and the Nasdaq Composite it gained 38.56 points, or 0.5%, to 12,720.78.
The appointment comes less than ten days before the deadline to raise the US debt ceiling. The Treasury warned that the federal government will have difficulty paying its debts.
A default would cause chaos in the financial markets and send interest rates skyrocketing.
“Everyone is watching this meeting between Kevin McCarthy and Joe Biden, waiting for some kind of signal when it comes to the debt ceiling”said Robert Pavlik of Dakota Wealth.
Investors will be looking for clues this week on monetary policy from a series of Fed speakers and key data such as the April personal consumption expenditure (PCE) index and durable goods. A reading for the PCE index, the Federal Reserve’s preferred inflation gauge, will be released on Friday.
Technology-related stocks encouraged the market, with gains in Alphabet Inc and Meta Platforms Inc.
In a move seen as escalating trade tensions between Beijing and Washington, China has banned the chipmaker. Micron Technology Inc. sell memory chips to key national industries, sending its shares down 4.5%. While, apple inc fell, after Capital Loop downgrade the iPhone maker’s stock to “hold” from “buy.” This is its first reduction in five months, according to data from refinitiv.
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