Last Update: May 24, 2023, 02:09 AM IST
The broad-based S&P 500 fell 1.1 percent to 4,145.58, while the tech-rich Nasdaq Composite Index dropped 1.3 percent to 12,560.25.
While the White House hinted at some progress in the latest round of talks with House Speaker Kevin McCarthy
Wall Street shares fell on Tuesday as concerns grew over uncertain talks between Washington power brokers seeking to avoid a US debt default.
Analysts said the White House signaled some progress in the latest round of talks with House Speaker Kevin McCarthy, but markets are beginning to grow more concerned about the situation.
The Dow Jones Industrial Average closed at 33,055.51, down 0.7 percent.
The broad-based S&P 500 fell 1.1 percent to 4,145.58, while the tech-rich Nasdaq Composite Index dropped 1.3 percent to 12,560.25.
Treasury Secretary Janet Yellen has said an agreement must be reached by June 1.
“I think people have realized today, for lack of a better word, that this is coming to a close,” said Steve Sosnik of Interactive Brokers.
“This is the first time that I really think some real nervousness has been expressed about the debt situation,” Sosnick said.
Even if McCarthy and Biden can strike a comprehensive deal, whatever they agree to will need to be shepherded through the House of Representatives, where they face pressure from hardliners on both sides that they are too Don’t make concessions.
Among individual companies, Broadcom advanced 1.2 percent after Apple announced a new multi-year multibillion-dollar agreement for Broadcom to develop new 5G radio components. Apple fell 1.5 percent.
Lowe’s advanced 1.7 percent despite slashing estimates for the full year due to “softer-than-expected consumer demand for discretionary purchases.”
Others that reported results included AutoZone, down 5.9 percent, Dick’s Sporting Goods, down 1.4 percent and Williams-Sonoma, down 0.3 percent.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP,
