Wall Street below 33 thousand points ahead of Fed minutes

2023-05-24 14:49PM UTC

US stock indices declined on Wednesday amid the ongoing debt ceiling crisis with little progress in negotiations, while investors await the Federal Reserve's meeting minutes.


Debt Ceiling


White House and Congressional officials will meet later today to further negotiate after the failure of the previous talks to reach a compromise on raising the debt ceiling. 


US President Joe Biden will extend talks with Congressional leaders later this week in a race to a catastrophic default on debt next week. 


Many sticking points remain between both sides, with US Treasury Secretary Janet Yellen reiterating warnings from a potential default on payments next June, which would threaten the credit rating for the US and tip the economy into recession. 


Fed Meeting


Investors additionally await the Federal Reserve's meeting minutes later today to better gauge the path forward for monetary policy in the US.


On trading, Dow Jones fell 0.6%, or 200 points as of 15:47 GMT to 32,856, while S&P 500 fell 0.7%, or 30 points to 4,112, as NASDAQ lost 1%, or 121 points to 12,437. 

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