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Thursday, September 28, 2023


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NewsWall Street indicators mixed given anticipation of 'debt ceiling' deal approval

Wall Street indicators mixed given anticipation of ‘debt ceiling’ deal approval

Less than a week before the deadline, the US Congress begins a race against time on Tuesday to discuss the agreement reached between President Joe Biden and Republican leader Kevin McCarthy, and avoid a default in the United States. payment of their debt.

Members of the Republican-controlled House of Representatives are beginning to consider the money bill stemming from the agreement reached to raise the US debt ceiling, in exchange for budget cuts.

An important first meeting of the Laws Committee is due to be held on Tuesday afternoon, which should give an indication of the prevailing trends, at a time when a part of conservative and progressive MPs oppose the settlement which was reached over the weekend. -end after marathon negotiations.

On the other hand, US airlines have benefited from the surge in travelers during the Memorial Day holiday, with the Transportation Security Administration saying it welcomed 9.8 million people traveling through airports from Friday to Monday, surpassing the same period in 2019 before the outbreak.

Shares of American Airlines Group rose 1.9%, while shares of United Airlines rose 1.8% and Southwest Airlines 0.9%.

Markets are awaiting the release of the jobs report on Wednesday and the unemployment report for May, which is expected to be released on Friday.

The Fed will study the data, as it prepares to meet next month, to determine the next move on interest rates, and the market is 60.8% expecting the Fed to raise rates by interest of 25 basis points in June.

Market movements

The Dow Jones Industrial Average reversed its rise early in the session, falling 187.20 points, or 0.57%, to 32,906.14 points, as of 1523 GMT, and the Standard & Poor’s 500 index also reversed its rise, falling 3.05 points, or 0.08%, to 4,202.20 points. .

In turn, the Nasdaq Composite Index rose 55.55 points, or 0.43%, to 13,031.10 points, supported by the strong rise in Nvidia shares, 5.39%, to $410.05. .

It is worth noting that NVIDIA’s market value exceeded $1 trillion, to be the ninth listed company in the world and the fifth listed US company, whose market value reached this level.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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