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By Shreyashi Sanyal and Shristi Achar A
(Reuters) – The S&P 500 and the Nasdaq rose on Monday as markets awaited updates on a fresh round of talks about raising the U.S. debt ceiling, while shares of Micron fell after China’s ban on its memory chips.
President Joe Biden and House Republican Speaker Kevin McCarthy will meet for talks on Monday after their discussions almost fell apart on Friday. The fresh talks come less than two weeks before a deadline after which the Treasury warned that the federal government will struggle to pay its debts.
A default would cause chaos in financial markets and spike interest rates.
“Everybody is paying attention to this Kevin McCarthy-Joe Biden meeting, waiting for some kind of signal as far as the debt ceiling is concerned,” said Robert Pavlik, senior portfolio manager at Dakota Wealth.
“People are just waiting and watching to see how this plays out.”
In a move that was perceived as ramping up trade tensions between Beijing and Washington, China barred chipmaker Micron Technology Inc (NASDAQ:MU) from selling memory chips to key domestic industries, sending its shares down 4.5%.
The Philadelphia SE Semiconductor index dipped 0.4%.
Apple Inc (NASDAQ:AAPL) slipped 0.4% after a report that Loop Capital downgraded the iPhone maker’s stock to “hold” from “buy”. This marked its first rating cut in five months, according to Refinitiv data.
At 10:14 a.m. ET, the Dow Jones Industrial Average was down 96.82 points, or 0.29%, at 33,329.81, the S&P 500 was up 1.64 points, or 0.04%, at 4,193.62 and the Nasdaq Composite was up 46.62 points, or 0.37%, at 12,704.52.
Dow component Chevron Corp (NYSE:CVX) fell 1.7% as the oil major said it would acquire PDC Energy (NASDAQ:PDCE) Inc in an all-stock transaction for $7.6 billion, including debt.
PacWest Bancorp rose 6.3% after the regional lender entered into an agreement to sell a portfolio of 74 real estate construction loans to a subsidiary of Kennedy-Wilson (NYSE:KW) Holdings Inc.
Investors will look for clues on the monetary policy path from a slew of Federal Reserve speakers and key data points this week such as the April personal consumption expenditure (PCE) index and durable goods.
The PCE index reading, considered to be the Fed’s preferred inflation gauge, is due on Friday.
Minneapolis Fed President Neel Kashkari told CNBC in an interview that it was a “close call” on whether he would vote to raise rates at the Fed’s June meeting or take a pause, while St. Louis Fed chief James Bullard said the central bank might have to hike rates by 50 basis points this year.
Advancing issues outnumbered decliners by a 1.71-to-1 ratio on the NYSE and by a 1.78-to-1 ratio on the Nasdaq.
The S&P index recorded 13 new 52-week highs and three new lows, while the Nasdaq recorded 46 new highs and 35 new lows.
Source: Investing.com
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