US stocks drop as China's economy continues to weaken while the US debt ceiling deal heads for House vote

• US stocks fell Wednesday as Chinese manufacturing data showed further weakness.
• China's services sector also cooled off, further deflating hopes of a rebound.

The final trading day of the month kicked off in the red, with weak economic data coming out of China and investors still keeping eyes on Washington for updates on a potential conclusion to the debt-ceiling drama.

Chinese factory activity contracted at a faster pace in May, and service-sector growth cooled off, dashing hopes for a stronger rebound in the world's second largest economy. China's sluggish emergence from COVID-19 lockdowns has showed up across all parts of its economy, including $4.

Meanwhile, the debt ceiling deal that President Joe Biden and House Speaker Kevin McCarthy reached over the weekend will head to a vote on the House floor Wednesday evening.

This month, the S&P 500 is up about 0.9%, while the Nasdaq Composite has added 6.5% and the Dow has declined more than 3%.

Here's where US indexes stood as the market opened at 9:30 a.m. on Wednesday:

• S&P 500>$4: 4,190.19, down 0.36%

• Dow Jones Industrial Average>$4: 32,914.27, down 0.39% (128.51 points)

• Nasdaq Composite>$4: 12,979.61, down 0.29%

Here's what else is going on:

• Restarting student loan payments will $4 already feeling the pinch, Moody's said.
• Cathie Wood says Elon Musk's Tesla could $4
• Billionaire Ray Dalio $4
• $4 warned that higher interest rates are coming.
• The stock market's resilience could $4, according to Ed Yardeni.

In commodities, bonds, and crypto:

• Oil prices slipped, with$4 down 2.53% to $67.04 a barrel. $4, the international benchmark, fell 2.04% to $72.04 a barrel
• $4 edged 0.22% higher to $1,962.10 per ounce.
• The$4 ticked down 2 basis points to 3.675%.
• $4 declined 2.29% to $27,179.08.