US stocks climb but head for a weekly loss as investors weigh debt-ceiling talks
US stocks climbed Friday, but the major indexes remain on track for a losing week.
Debt-ceiling talks drag on, and investors are weighing the implications of the fast-approaching X-date.
President Joe Biden and lawmakers have postponed a meeting for further negotiations until next week.
US stocks climbed Friday, but were on track for a weekly decline as investors continue to take in the ongoing debt-ceiling stalemate. Reports said that a planned Friday meeting between lawmakers and President Joe Biden has been delayed until next week.
With a looming potential US default and more regional bank weakness surfacing, recession fears are mounting. Treasury Secretary Janet Yellen said the so-called X-date, when the US could default on its debt, could arrive as soon as June 1.
Meanwhile, Federal Reserve Governor Michelle Bowman said Friday that still-high inflation could justify another interest rate hike, which would heighten the risk of a downturn. Her comments followed weaker-than-expected wholesale prices data, which pointed to easing inflation.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
S&P 500: 4,142.02, up 0.28%
Dow Jones Industrial Average: 33,367.97, up 0.18% (58.46 points)
Nasdaq Composite: 12,353.89, up 0.23%
Here's what else is going on:
Investors should snap up Tesla stock because a new Twitter CEO will allow Elon Musk to focus on his "golden child," Wedbush says
Tech stocks' superb 2023 is about to be shattered by a recession, according to Bank of America
The family behind First Citizens Bank has seen its wealth double to $2.2 billion after buying SVB's assets out of bankruptcy
Hindenburg Research stepped up its offensive against billionaire Carl Icahn's investment firm by shorting its bonds
The crypto lawsuit against Tom Brady, Shaquille O'Neal, and the Golden State Warriors got the cooperation of a former FTX exec
Tesla's long wait times are a bullish sign and the stock could jump 62%, Piper Sandler says
In commodities, bonds, and crypto:
Oil prices climbed, with West Texas Intermediate up 0.5% to $71.38 a barrel. Brent crude, the international benchmark, inched higher 0.6% to $75.45 a barrel
Gold edged higher 0.14% to $2,023.00 per ounce
The 10-year yield held steady at 3.39%
Bitcoin dropped 1.68% to $26,428.21
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