US stocks trade mixed as markets await debt ceiling talks between Biden and lawmakers

• US stocks traded mixed on Monday ahead of debt ceiling talks with President Biden and lawmakers.
• The US has less than a month to raise its debt ceiling before the government could potentially default.

Stocks traded mixed on Monday as markets waited for debt ceiling talks to continue between President Biden and lawmakers.

Biden is scheduled to meet House Speaker Kevin McCarthy and other congressional leaders on Monday at 5:30 pm ET, shortly after the closing bell.

On Sunday, Treasury Secretary Janet Yellen reiterated her June 1 deadline for Congress to raise the national borrowing limit, adding that the government is unlikely to make it through to June 15 before running out of money.

Even if the US avoids default, as is widely expected, stocks could see an even steeper plunge than they did in the 2011 debt-ceiling standoff, when the S&P 500 fell 17%, JPMorgan warned.

Here's where US indexes stood shortly after the 4:00 p.m. ET close on Monday:

• S&P 500: 4,192.63, up 0.02%

• Dow Jones Industrial Average: 33,286.58, down 0.42% (140.05 points)

• Nasdaq Composite: 12,720.78, up 0.50%

Here's what else is going on:

• China's economy has turned rotten, and its reopening boom is just a "charade," market expert Rushir Sharma said.
• Bitcoin has bottomed and the world's biggest cryptocurrency is on a new bull run, Michael Saylor said.
• The current rally in stocks is a head fake and not leading to a new bull market, Morgan Stanley said.
• The Fed is likely to pause interest rate hikes as inflation starts to cool, according to Moody's chief economist.
• Russia is looking for allies to quicken the pace of de-dollarization, the nation's deputy prime minister said.
• The housing slowdown is a top signal that the US is headed for recession, Fannie Mae said.
• Adani Enterprises surged 19% after a report found no evidence of stock-price manipulation.

In commodities, bonds, and crypto:

• Oil prices traded mixed, with West Texas Intermediate up 0.36% to $71.81 a barrel. Brent crude, the international benchmark, slipped 0.01% to $75.98 a barrel.
• Gold edged 0.26% lower to $1,972.59 per ounce.
• The 10-year yield rose 3 basis points higher to 3.72%.
• Bitcoin dipped 0.15% to $26,850.38.