Top 5 Financial Market Events: Debt Ceiling Negotiations, US PMI Focus, and More – May 23, 2022

Investing.com – Here are the top 5 things you need to know about the financial markets on Tuesday, May 23:

1.productive, no progress

On Monday (22nd), U.S. President Joe Biden and House Speaker Kevin McCarthy held talks again, but they still failed to reach an agreement.

Biden said Monday’s discussions were “productive,” but McCarthy said “no progress has been made” in breaking the impasse. Both sides are optimistic, however, that a path will eventually be found to lift the $31.4 trillion debt ceiling.

McCarthy said a deal needs to be reached this week to give Congress time to vote before the U.S. falls into a damaging and unprecedented default.

Treasury Secretary Janet Yellen also reiterated that the federal government may run out of money to pay its bills by June 1.

2.U.S. stock futures edge lower as uncertainty continues to weigh on markets

US stock futures fell slightly as investors continued to wait and see the progress of the US debt ceiling negotiations.

According to the U.S. stock quotes on Investing.com, as of 18:44 Beijing time (6:44 a.m. Eastern Time), blue-chip stocks fell 18.9 points, or 0.06%, or 0.9 points, or about 0.02%, to Technology stocks mainly fell 6.2 points, or 0.05%.

3.focus onbeautifulcountryPMIdata

During the day, traders also need to pay attention to the U.S. Purchasing Managers Index (PMI), which is expected to help investors understand the impact of high interest rates on the U.S. service industry and manufacturing industry.

Analysts expect both services and manufacturing to slow in May, though activity is still expected to be in expansionary territory.

At the same time, it is expected to remain at the level of the dry-boom line, neither expanding nor shrinking.

In addition, the United States will publish data. Economists expect new home sales to have declined in April from March.

4.the first seasonfinancial reportseasonnear the end，focus onlaborMr.financial report

Home improvement chain Lowe’s (NYSE: ) is due to report first-quarter earnings before the bell. Lowe’s results are expected to help investors gain a better understanding of U.S. consumption following the earnings reports of a number of retail companies last week.

Previously, Lowe’s rival Home Depot ( Home Depot ) (NYSE: ) and big box store Target (NYSE: ) were hit by cost-of-living pressures as inflation led more consumers to cut spending. Among them, Home Depot’s quarterly sales fell 4.2%, while Target’s quarterly comparable sales stagnated.

Although retail giant Walmart (NYSE: ) reported stronger than expected last week and raised its guidance, it benefited fromwalmartDemand for groceries, known for their low prices, is solid, just a sign that demand is shifting toward essential items as inflation eats into shoppers’ wallets.

Also due to report today are sports equipment seller Dick’s Sporting Goods (NYSE: ) and kitchen supplies company Williams-Sonoma (NYSE: ).

5.Crude oil pricesrise

Oil prices rose, but uncertainty over debt-ceiling talks dampened risk sentiment even as peak U.S. road trips approached.

As of 18:44 Beijing time (6:44 a.m. Eastern Time), Investing.com Commodity Markets showed: up 0.71% to $72.56/barrel; up 0.64% to $76.48/barrel.

Generally speaking, fuel consumption in the United States increases with the arrival of summer, and Memorial Day at the end of May is one of the peak demand.

On the other hand, a wildfire in Alberta, Canada’s oil capital, led to supply disruptions, exacerbating the tight supply situation.

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Translated by: Liu Chuan