NEW YORK — Wall Street stocks were mixed at the end of Monday’s session ahead of the White House’s negotiations with Republican leaders to avert a US debt default.
After a weekend of near-standstill, President Joe Biden returned to Washington late Sunday, well before the US Treasury Department’s June 1 deadline for Congress to approve further borrowing.
Talks are expected to resume on Monday evening.
“The baseline scenario is still that a debt deal can be reached, but the risk of a default is still on the table,” said Oanda Edward Moya of the market, adding that such an outcome would signal “an immediate plunge towards bear market territory.” would mean.
The Dow Jones Industrial Average closed down 0.4 percent at 33,286.58.
The broad-based S&P 500 was flat at 4,192.66, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 12,720.78.
In the course of the debt talks, the policy of the US Federal Reserve remained in focus.
Minneapolis Federal Reserve Chairman Neel Kashkari told CNBC it was a “close decision” whether the central bank should hike rates again in June, but added that such a move would not guarantee an end to the Fed’s tightening cycle .
Chevron fell 1.8 percent after announcing it will acquire PDC Energy for $6.3 billion, increasing its holdings in US properties in Colorado and the Permian Basin, a territory in Texas and New Mexico , to be strengthened.
PDC gained 7.2 percent.
JetBlue lost 2.1 percent and American Airlines lost 3.0 percent after a federal judge ruled on Friday that the companies’ alliance for services in the Northeast region must be ended over competition concerns.
Regional banks, which suffered heavy losses earlier in the spring, recorded a successful session. Comerica was up 3.5 percent, KeyCorp was up 4.6 percent and Western Alliance Bancorporation was up 10.3 percent.
After a weekend of near-standstill, President Joe Biden returned to Washington late Sunday, well before the US Treasury Department’s June 1 deadline for Congress to approve further borrowing.
Talks are expected to resume on Monday evening.
“The baseline scenario is still that a debt deal can be reached, but the risk of a default is still on the table,” said Oanda Edward Moya of the market, adding that such an outcome would signal “an immediate plunge towards bear market territory.” would mean.
The Dow Jones Industrial Average closed down 0.4 percent at 33,286.58.
The broad-based S&P 500 was flat at 4,192.66, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 12,720.78.
In the course of the debt talks, the policy of the US Federal Reserve remained in focus.
Minneapolis Federal Reserve Chairman Neel Kashkari told CNBC it was a “close decision” whether the central bank should hike rates again in June, but added that such a move would not guarantee an end to the Fed’s tightening cycle .
Chevron fell 1.8 percent after announcing it will acquire PDC Energy for $6.3 billion, increasing its holdings in US properties in Colorado and the Permian Basin, a territory in Texas and New Mexico , to be strengthened.
PDC gained 7.2 percent.
JetBlue lost 2.1 percent and American Airlines lost 3.0 percent after a federal judge ruled on Friday that the companies’ alliance for services in the Northeast region must be ended over competition concerns.
Regional banks, which suffered heavy losses earlier in the spring, recorded a successful session. Comerica was up 3.5 percent, KeyCorp was up 4.6 percent and Western Alliance Bancorporation was up 10.3 percent.
