Stocks Settle Lower Amid Debt Ceiling Standstill

President Joe Biden and House Speaker Kevin McCarthy held talks today

Digital Content Manager
May 9, 2023 at 4:30 PM
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Stocks moved lower on Tuesday, with investors stuck in a holding pattern ahead of tomorrow's highly anticipated consumer price index (CPI) reading. The Dow shed 56 points, while the Nasdaq and S&P 500 finished lower as well. The U.S. debt ceiling standstill remained in focus, with President Joe Biden and House Speaker Kevin McCarthy meeting today in an effort to avoid the looming potential default. 

Continue reading for more on today's market, including:

  • Fresh highs within reach of sporting goods stock.
  • Bears blasted Beyond Meat stock before earnings.
  • Plus, ridesharing stock boasting support; good news for Novavax; and unpacking PLUG's dip.

Closing Index Summary May 92023

NYSE and Nasdaq Stats May 92023

 Things to Know Today 

  1. U.S. and international law enforcement took down a Russian malware network that compromised computers belonging to allies and other Russian targets. (CNBC)
  2. AMC Networks (AMC) stock moved higher after the company reported a first-quarter top- and bottom-line beat thanks to streaming strength. (MarketWatch)
  3. Is Uber Technologies stock set to run higher?
  4. Promising vaccine data boosted Novavax stock.
  5. Plug Power stock sank on steep quarterly losses.

Earnings May 92023

Unusual Options Activity May 92023

Oil Reverses Losses on U.S. Buyback Plan

Oil prices erased earlier losses to notch a win on Tuesday, following news the Biden administration will buy back oil for the U.S. Strategic Petroleum Reserve. The report helped traders brush off declining crude imports in China for April. June-dated crude added 55 cents, or about 0.8%, to close at $73.71 per barrel.

Gold prices also settled higher, as investors continued to anticipate key inflation data to determine the health of the U.S. economy. The June-dated commodity added $9.70, or 0.5%, to close at $2,042.90 an ounce.

 

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