{"id":16479,"date":"2023-05-31T22:27:23","date_gmt":"2023-06-01T02:27:23","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/s-debt-ceiling-bill-in-focus\/"},"modified":"2023-05-31T22:27:24","modified_gmt":"2023-06-01T02:27:24","slug":"s-debt-ceiling-bill-in-focus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16479","title":{"rendered":"S&P 500 turns negative as chip-led rally fades; Debt-ceiling bill in focus"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
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Investing.com — The S&P 500 gave up gains Tuesday, as investors mulled over the prospect of Congress passing the debt ceiling bill before the June 5 deadline to avoid a default.<\/p>\n

The was down 0.3%, the fell 0.6%, or 161 points lower, the fell 0.1%.<\/p>\n

The debt ceiling bill — will first have to clear The House of Representatives Rules Committee Tuesday before proceeding to voting in the House on Wednesday and Senate later this week — will require votes from both sides of the political aisle to pass into law before June 5, when the Treasury has warned the U.S. would run out of money.<\/p>\n

The debt-ceiling agreement, or \u201cFiscal Responsibility Act,\u201d which would suspend the debt limit until 2025, is expected to pass before the deadline.<\/p>\n

\u201cNow that a deal has been reached, it seems very likely to pass both chambers of Congress in the coming week,\u201d Goldman Sachs said in a note.<\/p>\n

Beyond Capitol Hill, a slump in consumer staples and energy was a drag on the broader market, with the latter pressured by plummeting prices amid uncertainty about potential output at the upcoming OPEC+ June 4 meeting.<\/p>\n

EQT Corporation <\/span><\/span> (NYSE:), APA Corporation (NASDAQ:), and Devon Energy <\/span><\/span> Corporation (NYSE:) were among the biggest decliners in energy on the day.<\/p>\n

Tech stocks lost some shine after chip stocks gave up intraday gains despite NVIDIA Corporation’s (NASDAQ:) latest surge briefly pushing the chipmaker\u2019s market cap above $1 trillion for the first time ever.<\/p>\n

AI-related names including C3 Ai Inc <\/span><\/span> (NYSE:), Palantir Technologies Inc <\/span><\/span> (NYSE:), and Uipath <\/span><\/span> Inc (NYSE:) were also in the ascendency.<\/p>\n

Consumer discretionary, meanwhile, was boosted by a more than 3% rise in Tesla (NASDAQ:) as the electric vehicle maker\u2019s chief executive Elon Musk arrived in China, which is a key region for the company amid growing domestic competition<\/p>\n

\u201cPlaying nice in the sandbox in Beijing is something the Street is laser focused on to make sure there are no disruptions to Tesla’s expansion and tentacles within China for the coming years as this remains the #1 EV market in the world,\u201d Wedbush said in a note.<\/p>\n

On the economic front, data showing in May topped economists\u2019 forecast, underpinned ongoing bets for another rate hike next month.<\/p>\n

\u201cThe confidence data suggests that the risks are tilting toward another Fed rate hike in June, and at a minimum, a continued push forward with hawkish policy guidance,\u201d Jefferies said in a note.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — The S&P 500 gave up gains Tuesday, as investors mulled over the prospect of Congress passing the debt ceiling bill before the June 5 deadline to avoid a default. The was down 0.3%, the fell 0.6%, or 161 points lower, the fell 0.1%. The debt ceiling bill — will first have […]<\/p>\n","protected":false},"author":1,"featured_media":16480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-16479","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nS&P 500 turns negative as chip-led rally fades; Debt-ceiling bill in focus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- The S&P 500 gave up gains Tuesday, as investors mulled over the prospect of Congress passing the debt ceiling bill before\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=16479\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P 500 turns negative as chip-led rally fades; 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