Wall Street operates negative awaiting the vote for the debt ceiling in the US

Wall Street operates negative awaiting the vote for the debt ceiling in the US

The main Wall Street indices they opened lower this Wednesday, May 31, while investors await the result of the vote on the bill to raise the debt ceiling in the United States.

He Dow Jones loses 0.7% to 32,806.75 points, while the Nasdaq falls 0.8% to 12,917.15 points and the S&P 500 lost 0.8% at 4,171.90 points.

Meanwhile, the index that follows the S&P500 SPX down 0.9% at 4,169.20, the Nasdaq falls 0.9% to 12,899.98 and the regional banks index plunges 4% up to 80.52.

“Today the JOLT employment survey and the FED’s Beige Book are published with their economic appreciation, tomorrow the change in non-agricultural employment, the PMI index, and the request for unemployment subsidy,” explained the economic analyst Nino DiRussodirector of OnLineTradingCollege.org.

He added that “on Friday the unemployment rate and the change in non-agricultural employment”, while this Wednesday companies present their results such as nordstromand on Friday Macy’s, broadcom and Dell.

The US debt ceiling bill is ready for a tight vote in the House of Representatives

The United States House of Representatives is scheduled to vote this Wednesday on a bill to raise the public debt ceiling to $31.4 trillion, an essential step to avoid a default that could occur early next week without action by Congress.

Republicans control the House by a narrow 222-213 majority, but the bipartisan agreement it will need both your support and that of the Democrats to pass, as significant parts of the bill are opposed by members of both parties.

the republican kevin mccarthy predicted that the afternoon vote would be successful, telling reporters: “It’s going to become law“.

For his part, the President Joe Biden underlined what is at stake in the event of failure, saying on Twitter: “Our bipartisan budget agreement avoid the worst crisis possible: a default for the first time in our nation’s history, an economic downturn, devastated retirement accounts and millions of lost jobs.

legislation would suspend the US debt limit until January 1, 2025allowing Biden and lawmakers to shelve this politically risky issue until after the November 2024 presidential election.

Also would limit part of public spending over the next two years, it would speed up the permitting process for some energy projects, recover funds COVID-19 unused funds and would expand work requirements for food aid programs to new recipients.

He Treasury Department It has warned that it will not be able to cover all the government’s obligations by Monday if Congress does not increase the limit.

Late on Tuesday, the Congressional Budget Officea nonpartisan body, said the law would save $1.5 trillion over a decade.

A favorable vote in the House would send the bill to the Senatewhere the debate and vote could last until the weekendespecially if any of the 100 senators try to stop it from passing.

Source: Ambito

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