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.
Treasury Secretary Janet Yellen reiterated her June 1 deadline for policymakers to raise the borrowing limit.
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:
Here’s what else is going on:
In commodities, bonds, and crypto:
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.
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