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Markets tumble as debt ceiling talks stall

by SuperiorInvest

Key things

  • US markets tumbled on Wednesday, May 24, 2023 as negotiations to raise the federal debt ceiling hit a snag.
  • More than half of Dow stocks lost 1% or more.
  • Shares of Intuit fell as the maker of TurboTax missed tax season revenue estimates.

U.S. stocks fell as talks to raise the federal debt ceiling hit a snag, raising concerns about a potential government failure next month and the impact that would have on the U.S. and global economy. The Dow fell for the fourth session in a row.

More than half of the stocks in the Dow fell 1% or more, led by 3 million lower (MMM), which fell by 3.7%. Walgreens Boots Alliance (WBA) shares fell 2.5%. Analog devices (ADI) was the worst-performing stock in the S&P 500 after the chipmaker warned against current quarterly sales. Citigroup (C) said it was abandoning efforts to sell its Banamex unit in Mexico, sending shares lower.

Intuition (INTU) fell as maker TurboTax reported revenue during the key tax season that fell short of forecasts as fewer people filed returns. Shares of Agilent Technologies (AND) fell after the lab equipment maker cut its full-year outlook and analysts downgraded the stock and lowered its price target.

Netflix (NFLX) shares soared after Oppenheimer’s comments that the streaming service’s move to crack down on password sharing could boost the stock price by 25%. Shares of Illumina (ILMN) jumped ahead of Thursday’s general meeting of shareholders and proxy showdown among activist investors Carl Icahn and the board of directors of a gene sequencing company.

Corning Incorporated (GLW) shares rose after the company raised the price of glass used for TVs and other displays by 20%. Shares of energy producers gained along with the price of oil on stimulus OPEC+ can make more cuts in production.

Barclays upgraded Lennar (JUST) and raised its target price, sending its shares and those of rival producers home higher. Abercrombie & Fitch (ANF) and Kohl’s (KSS) shares jumped after both reported unexpected quarterly earnings.

Gold prices fell. The yield on the 10-year Treasury note advanced. The US dollar was higher against the euro, pound and yen. Major cryptocurrencies traded lower.

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