July 23, 2024

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Wall Street: negative signals ahead of the debt vote

Wall Street: negative signals ahead of the debt vote

Indicators are down on Wall Street As investors await today’s congressional vote on the US debt ceiling deal.

especially daw decreased 0.69% o Nasdaq 0.63% and ο Standard & Poor’s 500 0.61%. Yesterday the deal was approved by the House Rules Committee with just one vote and all eyes are on Congress, where there is Parliament Republicans have a majority, some threatening to vote against the deal.

For the month of May overall, the Nasdaq posted a gain of nearly 6%. The S&P 500 was up 0.2%, while the Dow was down about 3.4%.

The Nasdaq’s outperformance was largely driven by excitement around artificial intelligence, which briefly pushed Nvidia past $1 trillion. dollars on Tuesday. But many on Wall Street worry that market power is too limited.

The bill goes to a final vote in the House of Representatives

A bill to raise the debt ceiling and cut government spending passed a major procedural hurdle in the House of Representatives on Wednesday, setting the stage for a final vote in the House later in the evening.

The vote included a set of rules drafted by Republicans that govern how the final vote on the fiscal responsibility law will take place.

But as the vote passed its time limit, it became clear that House GOP Representative Kevin McCarthy would need the Democrats’ votes to pass the measure by a simple majority.

More than 20 Republicans, most of them conservatives, challenged their leadership and voted against the rules package, a highly unusual move by members of a majority party.

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Democrats were also divided, with the lion’s share of the caucus voting against the rules package.

Congress is rushing to pass the measure by Monday, the first date the US is at risk of default for the first time. Treasury Secretary Janet Yellen said federal funds could dry up in the coming days unless lawmakers raise the borrowing limit.

Failure to do so would roil global financial markets, lead to job losses in the United States, and jeopardize vital government benefits for millions of Americans. To avoid what Yellen described as a potential “disaster,” congressional leaders need to win support for the bill in the divided chambers of Congress.

Careers

passing by at the long term US job vacancies rose in April to 10.1 million from 9.7 million in March, and investors are wary of another Fed rate hike at the June meeting.

The CEO said the United States and China should “sincerely commit” to resolving their differences on security and free trade issues. By JPMorgan, Jamie Dimon.

c. Dimon is making his first visit to China since 2021, when his comments comparing the bank to the Chinese Communist Party sparked a backlash. “You’re not going to fix things if you just sit across the Pacific Ocean and yell at each other. So I hope we have a real commitment,” said J. Dimon, in response to a question about the detachment between China and the United States at the three-day JPMorgan Global China Summit in Shanghai.

Dimon indicated that the differences between the two countries over issues of security and free and fair trade are all “resolvable”, and that he would prefer a “détente” between East and West over disengagement, at a time when tension is escalating between the two superpowers. The US bank has strengthened its presence in China in recent years through newly acquired licenses or increased stakes covering securities, funds and futures contracts.

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