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

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