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At 9:47 ET (13:47 GMT), the Dow Jones Industrial Average fell 97 points or 0.3%, while the S&P 500 was up 0.4% and the NASDAQ Composite was up 1%.
Lawmakers were racing to finalize the debt ceiling deal, which includes limits on the growth of nondefense spending and the reclaiming of unused funds allocated to combat COVID-19. Congress has until early June to raise or suspend the limit – which the agreement will do until early 2025 – or the government risks defaulting on its debt payments.
The deal is not winning over everyone, however, setting up for a fight in the House this week. Some Republican members say they won’t support it because it doesn’t cut enough. Some Democrats have expressed reservations about provisions such as new work requirements to receive certain food assistance and other benefits.
Shares of chip maker NVIDIA Corporation (NASDAQ:NVDA) jumped 6% after it unveiled a new set of products around artificial intelligence, including a new AI supercomputer to help meet demand from customers. Its stock valuation has reached $1 trillion, soaring since last week, when it predicted a huge surge in revenue from AI-related business.
The Transportation Security Administration said it screened 9.8 million people traveling through airports from Friday through Monday, beating the holiday weekend from 2019, before the pandemic. Shares of American Airlines Group (NASDAQ:AAL) rose 1.9%, while shares of United Airlines Holdings Inc (NASDAQ:UAL) rose 1.8% and Southwest Airlines Company (NYSE:LUV) shares rose 0.9%.
It’s a big week for job market data, with the job openings report coming out on Wednesday and the government’s comprehensive report on employment for May expected out Friday morning.
The Federal Reserve will be studying the data as it prepares to meet next month to decide the next move on interest rates. Futures traders are putting a 65% probability on the Fed raising rates another quarter of a percentage point in June.
Oil was falling. Crude Oil WTI Futures were down 3.1% to $70.42 a barrel, while Brent Oil Futures were down 3.1% to $74.67 a barrel. Gold Futures were up 0.4% to $1,971.
