Debt Ceiling Meeting Between Biden and McCarthy Results in Wall Street Indices Lowering and Gold Decline

Investing.com – U.S. stocks fell on Tuesday, in the wake of a debt ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy that failed to resolve.

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McCarthy and Biden met at the White House on Monday evening, in a discussion the Speaker described as “productive.” The last meeting, which lasted about an hour—which took place just days before the earliest the United States could default on its debt—concluded without resolution but seemed more positive about settling the issue.

Investors have been looking closely at the debt limit negotiations in Washington, hoping for more certainty as the alleged June 1 default approaches.

“We are sending a very negative signal about our ability to manage our economy, and the market so far has handled the crisis very well,” Mohamed El-Erian told CNBC on Tuesday.

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Despite these headwinds, and the uncertainty surrounding the Fed’s next rate move, Allianz Chief Economic Adviser (TADAWUL:) said he is “very impressed” with the stability of the markets, and views the S&P 500 as a fair price.

Elsewhere, Apple (NASDAQ:) fell slightly after announcing a multi-billion dollar chip deal with Broadcom. Lucid shares rose 2.4% to $7.8.

Stocks are coming out of a mixed session that saw the Dow lose around 0.4%. While the S&P 500 ended little changed, while advancing 0.5% to touch the highest level of the day and the highest close since August.

Gold baffles the markets now.. between expectations of moving to record levels, and expectations of a halt in the rise in a changing macroeconomic environment.

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Important data

The index recorded 48.5 points, at a time when experts expected 50 points to be recorded, while the previous reading was at 50.2 points.

Data came contrary to expectations, recording 54.5 points, compared to expectations of recording 50 points, while it recorded levels of 53.4 points in the previous month.

Data revealed unexpected data as well, as it recorded 55.1 points, against expectations of 52.6 points, and against the previous reading at levels of 53.6 points.

It recorded about 683 thousand units, compared to expectations of 663 thousand, and compared to the previous reading, which recorded 656 thousand.

While about 1.147 million statements were recorded, compared to expectations of 1.416 million, and compared to the previous reading of 1.430 million.

Pointers now

It decreased by 0.05%, at 33,271 points.

It fell at 4180 points, or 0.3%.

While the complex decreased by 0.45%, at 12,690 points.

markets now

It decreased by 0.3%, and is now recording $1,970.

While it also fell by 0.15% at 1968 dollars an ounce.

It rose by 0.3%, at 103,360 points.

It rose by 1.2% to $76.9 a barrel.

Texas crude gained nearly 1.4% to $73 a barrel.