Dow Settles Lower Ahead of More Biden, McCarthy Talks

Investors are also eyeing the release of the Fed's meeting minutes for May

Digital Content Manager
May 22, 2023 at 4:28 PM
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All eyes are on President Joe Biden and House Speaker Kevin McCarthy, ahead of another meeting to negotiate the U.S. debt ceiling as the deadline to avoid a potential default grows closer. However, government spending continues to be a huge point of contention between the two leaders. Investors are also anticipating the release of the Federal Reserve's meeting minutes for May, which could shed light on the future of interest rate hikes.

Amid this uncertainty, the Dow dropped 140 points, while the S&P 500 finished flat, and the tech-heavy Nasdaq scored a modest gain. Meanwhile, the Cboe Volatility Index (VIX) moved higher.

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

  • Options bears are bombardingthis bank stock.
  • Apple stock took a breather from a 52-week high
  • Plus, biotech stock hits all-time low; DKNG upgraded; and a quantum computing name to watch.

Closing Index Summary May 222023

NYSE and Nasdaq Stats May 222023

 Things to Know Today 

  1. The Biden administration struck a deal with Southwest states to temporarily reduce Colorado River water usage in exchange for $1.2 billion in federal funding. (CNBC)
  2. Semiconductor stocks took a hit after China's government told tech companies not to use Micron Technology (MU) memory chips due to security risks. (MarketWatch)
  3. Biotech stock attracted bear notes after facing FDA rejection.
  4. DraftKings stock upgraded on potential growth opportunities.
  5. IONQ stock in the spotlight amid quantum computing buzz.

There were no notable earnings reports today.

Unusual Options Activity May 222023

Gold Dips as Debt Ceiling Talks Continue

Oil prices reversed earlier losses on Monday to settle higher, but no specific catalysts were at play. June-dated crude added 44 cents, or 0.6%, to close at $71.99 per barrel on the day, with contracts expiring at the close.

Meanwhile, gold prices settled lower amid ongoing U.S. debt ceiling negotiations and tensions between the U.S. and China. June-dated gold fell $4.40, or 0.2%, to close at $1,977.20 an ounce on the day.

 

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