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.
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
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