Stocks in the United States fluctuated ahead of a crucial meeting between Biden and Republican House Speaker Kevin McCarthy to iron out stumbling blocks in debt-ceiling negotiations.
The S&P 500 fluctuated between gains and losses. Short-term Treasury yields increased. Even though chipmakers were under pressure, the Nasdaq 100 advanced. Micron Technology products failed a cybersecurity audit, according to China. Meanwhile, Pfizer gained on news that its weight-loss pill may be as effective as Ozempic.
The big question for investors is whether US politicians can reach an agreement to raise the debt ceiling before the government runs out of money. Treasury Secretary Janet Yellen stated that the chances of the US paying all of its bills by mid-June are "quite low."
St. Louis Federal Reserve President James Bullard said he is thinking of two more rate hikes this year, while Minneapolis Fed President Neel Kashkari said a pause next month should signal that tightening isn't over.