*U.S. STOCKS DROP AS DEAD-LOCKED DEBT CEILING TALKS STOKE DEFAULT CONCERNS $DIA $SPY $QQQ 🇺🇸🇺🇸
- Wall Street indexes were subdued on Tuesday as talks over increasing the U.S. debt limit stretched to another round, keeping investors jittery on prospects of an unprecedented government default.
This comes after President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement about the debt ceiling in their meeting a day earlier, but vowed to keep talking. Worries over the debt limit pushed yields on one-month Treasury bills to record highs at 5.888%, before falling by midday. [US/]was stuck in a 30-point range in the last two sessions as U.S. debt ceiling talks lingered.
Helping limit losses, the S&P Global data showed U.S. business activity rose to a 13-month high in May, lifted by strong growth in the services sector.
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