US stocks trade lower as debt ceiling showdown outweighs strength in mega-cap tech

• US stocks dropped on Tuesday as the debt ceiling deadline quickly approaches with no deal yet to be had.
• President Joe Biden and House Speaker Kevin McCarthy were scheduled to continue their negotiations.
• Treasury Secretary Janet Yellen warned that "time is running out" on a debt ceiling agreement.

US stocks traded lower on Tuesday as investor stress about the ongoing debt ceiling showdown outweighed the strength seen in mega-cap tech stocks.

$4 and $4 both surged more than 2%, while $4 jumped 1%. $4 stock was up about 0.5%.

President Joe Biden and House Speaker Kevin McCarthy met at 3 p.m. today to further negotiate on a potential debt ceiling deal, and time is running out as Biden prepares to travel to Asia for a foreign policy trip. The Biden administration said the President would cut his trip short and come home early to ensure a deal gets done in Congress.

Meanwhile, Treasury Secretary Janet Yellen warned that "time is running out" and that the debt ceiling showdown is already impacting Americans.

"Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Yellen $4 to a banking conference on Tuesday. "We are already seeing the impacts of brinksmanship: investors have become more reluctant to hold government debt that matures in early June."

Also weighing on stocks on Tuesday $4 which revealed weaker-than-expected guidance as consumers focus on smaller home improvement projects.

Here's where US indexes stood at the 4:00 p.m. ET close on Tuesday:

• S&P 500>$4: 4,109.90, down 0.64%
• Dow Jones Industrial Average>$4: 33,012.14, down 1.01% (336.46 points)
• Nasdaq Composite>$4: 12,343.05, down 0.18%

Here's what else happened today:

• Quarterly 13F filings from top investment managers were filed on Monday. Here's what $4 $4, $4, $4, and the $4 did with their money last quarter.
• Morgan Stanley's Mike Wilson warned that the debt-ceiling deadlock in Congress $4 as volatility heats up.
• A slew of Wall Street banks warned that the eye-popping rally in tech stocks this year $4
• $4 after Berkshire Hathaway dumped its entire stake in the home furnishings company.
• Bank of America said the expected $4 later this year.

In commodities, bonds and crypto:

• $4 oil fell 0.63% to $70.66 per barrel. $4, oil's international benchmark, dropped 0.66% to $74.73.
• $4 fell 1.42% to $1,993.90 per ounce.
• The yield on the 10-year Treasury jumped 3 basis points to 3.54%.
• Bitcoin dropped 0.83% to $26,948, while ether rose 0.03% to $1,817.