Home News A delay in the debt ceiling drags the index down

A delay in the debt ceiling drags the index down

by SuperiorInvest

Key things

  • Shares of 3M are falling after the Dutch government found it liable for chemical spills.
  • UnitedHealth Group moved higher after a big buy from an institutional investor.
  • Chevron moved higher on concerns that OPEC may cut oil production.

The Dow Jones Industrial Average fell for a second straight day, falling nearly 0.8%, or 255 points, as investors nervously watched debt ceiling talks in Washington.

The debt ceiling debate in Washington has turned to spending and whether there will be a spending freeze, which Democrats want, or a spending cut, which Republicans are seeking. The considerations generally weighed on stocks, sending the Nasdaq and S&P 500 down 0.6% and 0.7%, respectively.

3 million (MMM) was the Dow’s worst performer, falling 3.7% after the Dutch government said it would hold the company responsible for releasing per- and polyfluoroalkyl substances (PFAS), so-called forever chemicals, into the Dutch part of the Scheldt River.

Boeing (B.A) fell 1.6% on the day after CEO Dave Calhoun said he expected supply chain pressures to continue into 2024.

Microsoft (MSFT) warned that Chinese state-sponsored hackers had infiltrated US infrastructure. Shares of the software giant fell 0.5%.

Salesforce (CRM) led a small group of winning stocks, which rose 1.5%. Shares of the company, which is expected to report higher earnings and revenue when it reports earnings next week, have gained more than 50% so far this year, more than any other Dow stock.

UnitedHealth Group (UNH) closed up 0.7% after institutional investor GlobeFlex Capital, LP revealed it increased its holdings in the stock by 68%.

Chevron (CVX) rose 0.3% along with oil prices, making energy the day’s best performing sector. Yesterday, Saudi Arabia’s energy minister told oil speculators to “be careful” ahead of next month. OPEC+ meetingwhich raises concerns about a cartel could reduce oil production again.

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