Traders Fear Ceiling Clash, Stocks Wounded - InvestingChannel

Traders Fear Ceiling Clash, Stocks Wounded

Stocks fell Wednesday as debt ceiling talks pressed on, and the earliest expected date that the U.S. could default drew nearer.

The Dow Jones Industrials skidded even more just past Wednesday’s opening bell, dropping 201.17 points to 32,854.34.

The S&P 500 dropped 32.3 points to 4,113.28.

The NASDAQ hesitated 104.7 points to 12,455.54.

Negotiators for both sides are expected to meet again Wednesday morning, according to Reuters.

Treasury Secretary Janet Yellen previously warned lawmakers that a potential default in early June is “highly likely.” While House Speaker Kevin McCarthy said he had a “productive” discussion with President Joe Biden Monday, there were few signs of progress made in negotiations Tuesday.

On the economic front, investors await minutes from the Federal Reserve’s meeting earlier this month slated for release Wednesday afternoon.

The tail end of earnings season stretched on with Kohl’s and Abercrombie & Fitch popped more than 12% and 21%, respectively, after posting surprise profits. Semiconductor giant Nvidia post results Wednesday after the bell.

Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s 3.70%.

Oil prices added $1.21 to $74.12 U.S. a barrel.

Gold prices were down $2.70 to $1,971.80 U.S. an ounce.

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