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Wednesday, May 31, 2023
LAST DAY IN MAY: "A Special Situation"
Stocks move lower in last trading day of May
Stocks Are Falling. Eyes on Congress.
Stocks fell Wednesday, to end the final trading day of May.
Investors are anxiously watching Congress as lawmakers vote on the deal to raise the U.S. debt ceiling. While the spending agreement is expected to pass through the House, it faces opposition on both sides of the political aisle, causing uncertainty.
After the close, earnings are on tap for Salesforce, C3.ai, and Nordstrom.
Here’s what else to know today:
- Stocks Fall as Traders Fret About China, Debt Bill
- Oil Prices Sink as Investors Bet Against OPEC Cut
- JOLTS Data Show Strength in Labor Market
- HP Enterprise, C3.ai, Twilio, and More Stock Market Movers
- Bitcoin Falls Toward $27,000 Ahead of Debt-Ceiling Vote
- Here’s a Strategy to Bet on Nvidia Without Buying the Stock
Stocks fell Wednesday, the final trading day in May, as investors reacted to global economic data and waited for the bipartisan debt ceiling deal to move through Congress.
The Dow Jones Industrial Average fell 132 points, or 0.4%. The S&P 500 fell 0.6%. The Nasdaq Composite fell 0.6%.
A contraction in Chinese manufacturing sent futures lower early in the morning, setting the tone for the rest of the day.
The Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics showed job openings rose to 10.1 million, up from 9.7 million in March, according to the U.S. Bureau of Labor Statistics. Economists had anticipated a decline to 9.5 million.
Stocks pared some earlier losses after comments from Federal Reserve officials shifted expectations the central bank will skip an interest rate increase at its June meeting. Traders are pricing in a 72.5% chance the headline interest rate is held steady, up from 33.4% on Tuesday.
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Rodney Assman
Webelo. Brother. Uncle. Celebrated Musician. Failed statewide candidate as both and . I was almost Chair of AZ Dems once. (Parody account)
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