Dow Drops Over 230 Points on Debt Ceiling Fatigue

House Republicans questioned the deadline to avoid a potential default

Digital Content Manager
May 23, 2023 at 4:36 PM
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Wall Street's focus remained on U.S. debt ceiling negotiations today, following yesterday's meeting between President Joe Biden and House Speaker Kevin McCarthy, with some House Republicans questioning the accuracy of the June 1 deadline. Treasury yields jumped amid the uncertainty, and stocks finished firmly lower. The Dow and Nasdaq dropped triple digits, while the S&P 500 marked a significant loss of its own.

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

  • Starbuck stock's dip could bode well for bulls.
  • Retail stock brushes off disappointing outlook.
  • Plus, headwinds blowing for e-tail stock; CVX upgraded; and will Yelp consider a sale?

Closing Index Summary May 232023

NYSE and Nasdaq Stats May 232023

 Things to Know Today 

  1.  Apple's (AAPL) multibillion-dollar deal with Broadcom (AVGO) to develop 5G radio frequency components is part of its $430 billion investment in the U.S. economy. (CNBC)
  2. Boeing (BA) CEO Dave Calhoun warned the aerospace industry may continue to face supply disruptions, which could delay deliveries to airlines. (Bloomberg)
  3. Why this e-tail stock could be in for a short-term drop.
  4. Analyst upgrades Chevron stock to "buy" amid higher prices.
  5. Activist investor says Yelp stock is "shockingly undervalued."

Earnings May 232023

Unusual Options Activity May 232023

Oil Edges Higher on Chance of Output Cut

Oil prices settle higher on Tuesday, after Saudi Arabia’s Energy Minister and Prince Abdulaziz bin Salman said there is still a chance of a surprise crude output cut during the June meeting of the Organization of the Petroleum Exporting Countries and their allies (OPEC+). July-dated crude tacked on 86 cents, or 1.2%, to close at $72.91 per barrel.

Gold prices settled lower, extending their rout below the $2,000 mark as the U.S. dollar strengthened. June-dated gold shed $2.70, or 0.1%, to close at $1,974.50 an ounce on the day.

 

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