“US Debt Deal Fate Awaits: Wall Street Falls as Investors Brace for Impact”

Investing.com – US stock indexes fell on Wednesday, as investors awaited the fate of the US debt ceiling deal on the last trading day of May.

Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to raise the US debt ceiling of $31.4 trillion cleared a significant hurdle late Tuesday, as it was passed by the Rules Committee and sent to the full House for consideration and a vote expected on Wednesday.

It traded down 228 points, or 0.7%. While the S&P 500 fell by 0.6%, while it fell by 0.3%.

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What moves the markets?

President Joe Biden and House Speaker Kevin McCarthy announced a deal over the weekend to reduce federal essential spending for two years and raise the debt ceiling, but the agreement has yet to be ratified.

“I think we have enough votes to pass the agreement today,” Rep. Patrick McHenry, the GOP negotiator for the debt deal, told CNBC on Wednesday morning.

And if the Republican-controlled House of Representatives passes the bill, it will refer it to the Senate for discussion and a vote as well.

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Both houses of Congress must pass this legislation before June 5, when the Treasury Department will run out of money and will be unable to pay its debts for the first time in US history.

And if the Treasury can’t pay, it could wreak economic havoc on the US and global economies.

During the month, the Composite rose more than 6%. While the S&P 500 rose by only 0.4%, while the Dow Jones fell by about 3.6%.

The Nasdaq’s technology outperformance is largely due to interest around artificial intelligence, which briefly pushed Nvidia’s market capitalization above $1 trillion on Tuesday.

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Data released recently

The US economy provided nearly 10.103 million jobs, while experts expected 9.775 million jobs to be created in April. After recording 9.590 million opportunities in the previous reading.

Employment data is of great importance as it is an indicator of the state of the US labor market and its ability to keep up with rising interest rates, as Jerome Powell refers to US employment opportunities a lot when talking about the strength of the US market.

markets now

It rose by 0.42% to $1,985 an ounce.

While spot contracts rose by 0.41% to 1967 dollars an ounce.

On the other hand, the dollar index rose by 0.36% to 104.457 points.

It fell by 0.6% to $73.27 a barrel.

While Texas crude fell by 0.76% to $68.95 a barrel.