CNBC – UPDATED MON, MAY 15 20236:49 PM EDT
The S&P 500 rose slightly to start the week Monday as traders assessed ongoing debt ceiling negotiations.
The broader index added 0.3% to 4,136.28. Meanwhile, the Dow Jones Industrial Average snapped a five-day losing streak, gaining 47.98 points, or 0.14%, to 33,348.60. The tech-heavy Nasdaq Composite outperformed, rising 0.66% to 12,365.21.
In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.
“It’s kind of a waiting game,” said Globalt Investments’ Keith Buchanan. “Each day that goes by, and each postponement, each day there’s not a development … I think it will grow more and more difficult for the markets to really get any traction.”
Treasury Secretary Janet Yellen told CNBC last week that failure to hatch an agreement on the debt ceiling would “produce financial chaos,” with the Treasury currently giving June 1 as the date when it could fail to meet its obligations.
However, Yellen further hinted over the weekend that the U.S. would avoid a default.
“I’m hopeful. I think the negotiations are very active. I’m told they have found some areas of agreement,” said Yellen in an interview with The Wall Street Journal on Saturday from Japan during a meeting of G-7 finance ministers.
On Monday, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell about 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.
Elsewhere, corporate earnings season is drawing to a close, but some major retail reports this week will give investors further insight into the state of the consumer. Home Depot reports Tuesday. Target and Walmart are set to report Wednesday and Thursday, respectively.
Lea la cobertura del mercado de hoy en español aquí.
Source: https://www.cnbc.com/2023/05/14/stock-market-today-live-updates.html
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