Stock futures slip amid debt crunch: Stock market news today

US stocks closed lower Tuesday on Wall Street concerns that the debt-ceiling debate in Washington won’t reach a resolution.

The S&P 500 (^GSPC) ended the session down 1.12%. The Dow Jones Industrial Average (^DJI) dipped 0.69%, or more than 200 points. The technology-heavy Nasdaq Composite (^IXIC) declined more than 1.26%.

In Treasuries, yields moved lower across the curve Tuesday, with the benchmark 10-year yield edged down to 3.7%. Two-year yields rose to 4.34%, and those on the 30-year bond ticked lower to 3.95%. The extended losses came as worries over the debt-ceiling standoff intensified, as the prospect of a default moves closer.

Tuesday’s negotiation talks initially provided some hope a deal could be reached. That followed optimistic remarks from President Biden and House Speaker Kevin McCarthy the previous day.

But McCarthy reportedly said in a closed-door meeting to Republican colleagues that “we are nowhere near a deal yet” hours after saying in the Oval Office “I think, at the end of the day, we can find common ground.”

The back-and-forth has left investors on edge in the countdown to the June 1 “X-date”, which is when Treasury Secretary Janet Yellen said a default is likely to come.

“Our base case remains that the debt ceiling ultimately does get lifted/suspended though the journey to that end could be at the eleventh hour and drive significantly higher market than currently appreciated by market instability,” Dubravko Lakos, chief US equity strategist at JPMorgan , wrote in a note Monday.

“We expect a temporary/comprehensive deal on the debt ceiling to negatively impact federal spending and for a likely contentious budget negotiation process later this year,” Lakos added.

On the economic front, S&P Global’s flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 54.5 in May, up from 53.4 in April and better than the 53.0 estimated by economists, marking a 13-month gain for the index.

Separately, new single-family home sales rose 4.1% in April to an annualized pace of 683,000, above the revised rate of 656,000, according to a report from the Census Bureau. That’s still 11.8% above the year-ago level and higher than the Bloomberg consensus expectations of 665,000 units for April.

In single stock moves, shares of Yelp Inc. (YELP) rallied over 5% as activist investor TCS Capital Management confirmed its stake in the company and asked the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday.

Lowe’s Companies, Inc. (LOW) shares gained more 2% after the home-improvement company cut its full-year sales forecast Tuesday, citing lower demand as high inflation impacts discretionary spending. While Apple (AAPL) said it has entered a multi-billion dollar deal with chipmaker Broadcom Inc. (AVGO) to use chips made in the US. Shares of the tech giant slide more than 1%.

Elsewhere, shares of Dick’s Sporting Goods (DKS) moved lower after the company topped its first fiscal quarter sales and earnings while maintaining its outlook for this year

Zoom Video Communications, Inc. (ZM) shares dropped more than 7% after the videoconferencing software company posted a beat on their results for its fiscal first quarter. The company also raised its full-year guidance.

Shares of Pfizer Inc. (PFE) rose after a study showed positive weight-loss results for patients taking the drug maker’s oral diabetes treatment.

BJ’s Wholesale Club Holdings, Inc. (BJ) shares declined by more than 7% after the retailer reported revenue that came below analysts’ expectations. Comparable club sales not including gasoline were lower than anticipated.

Meanwhile, Netflix (NFLX) is cracking down on password sharing in the US. The company broke the news in a blog post Tuesday afternoon.

After the closing bell, Palo Alto Networks, Inc. (PANW), Intuit Inc. (INTU), and Toll Brothers, Inc. (TOL) are expected to report results.


Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for apples or Androids

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedInand YouTube powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 slot zeus nolimit city sv388 slot jepang scatter hitam slot thailand link slot thailand 777 slot powergaming88 slot luar negeri slot gacor maxwin slot gacor hari ini slot gacor terbaru mahjong ways 2 slot thailand jp slot slot bni slot bri slot bsi slot danamon slot gopay slot server korea slot malaysia slot amerika slot rusia fan tan monopoly live lightning roulette mega ball sweet bonanza candyland mega sic bo mega baccarat andar bahar sbobet88 ktm303 slot dubai slot qris powergaming88 Slot Thailand Slot Zeus Pg Soft Starlight Princess Slot Gacor Maxwin Joker123 Sv388 Slot Thailand Slot Thailand Slot Qris slot thailand joker123 mahjong ways 2 888slot slot thailand slot88 sweet bonanza slot jepang slot thailand slot mahjong ways slot qris slot deposit dana slot dana nolimit city slot thailand sv388 slot888 slot kamboja Slot Thailand Starlight Princess Mahjong Ways 2 Slot Maxwin slot thailand akun pro kamboja slot filipina joker123 slot zeus slot88 slot thailand slot mahjong slot megaways NEW SLOT POLA GACOR Slot Server Luar jp slot slot ganas crazy time live slot qris slot akurat slot bca slot bni qris slot zeus server thailand server hongkong slot ovo slot gopay slot linkaja joker123 nolimit city sv388 starlight princess mahjong ways pg slot slot zeus sv388 idn slot slot server thailand slot thailand ladangtoto nolimit city koi gate sicbo online roulette online lice casino live22 baccarat online nolimit city slot ovo slot gopay pragmati play starlight princess slot pg soft slot mahjong slot zeus sv388 digmaan slot mania slot zeus slot thailand server thailand ying77 slot thailand judi bola live casino sv388 pg soft slot dana mahjong ways slot mania slot x500 ladangtoto slot server kamboja digmaan digmaan slot88 scv388 sabung ayam online slot live casino sicbo online live casino online slot thailand ladangtoto sv388 ladangtoto powergaming88 66kbet powergaming88 slot thailand ladangtoto slot thailand server thailand slot thailand slot thailand slot thailand slot gacor ladangtoto2 ying77 bet server thailand slot thailand ying77 slot88 ladangtoto ladangtoto slot maxwin sv388 sv388 slot gacor 66k bet slot dana sabung ayam inline slot mahjong slot toto slot server thailand slot gacor slot server thailand slot gacor slot thailand situs slot wwg slot slot daftar judi slot online indonesia slot gacor slot mawin slot gacor slot thailand slot gacor slot gacor demo slot pragmatic sv388 slot88 pgsoft Daftar Judi Slot Online Indonesia Paling Gacor di Indonesia Daftar Situs Judi Slot Online SLOT88 lucky neko slot gacor slot88 slot kakek slot maxwin slot thailand Slot Mahjong Ways 2 Mudah Jackpot Paus di PG Soft Hari ini 2023 Lucky Neko Situs Slot Gacor Pgsoft Hari Ini SITUS SABUNG AYAM SV388 ONLINE DAFTAR LINK LOGIN APK AGEN SV388
Scroll to Top