A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, May 22, 2023.
Brendan McDermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. Looking for a way forward
Stocks kicked off the week with a jumbled session Monday, as investors work to get a grasp on the state of the economy and what could come next, especially with the debt ceiling negotiations (more on that below). The Nasdaq finished higher, giving the index its best close since August, while the Dow was down slightly and the S&P 500 was effectively flat. Tuesday brings a fresh slate of earnings for markets to pick over, including from retailers Lowe’s and Dick’s Sporting Goods before the bell. Follow live market updates.
2. Debt limit dealings
U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023.
Leah Millis | Reuters
We are a little over a week from when the United States could run out of money to pay its bills, and there’s still no deal in Washington. However, President Joe Biden and House Speaker Kevin McCarthy both said after their meeting Monday evening that they’re cautiously optimistic they can agree on a way to address the debt limit as their sides also sort out a budget compromise. Tuesday and Wednesday will be especially important for a deal to come together. Lawmakers are also up against Memorial Day weekend in a few days, and Congress hates to miss a holiday.
3. TikTok sues Montana
TikTok logo displayed on a cellphone.
Hyoung Chang | Denver Post | Getty Images
In what’s sure to be a preview of cases to come, TikTok sued Montana to overturn the state’s ban on the app. Last week, Montana became the first state to ban TikTok, saying it posed a security risk due to its parent company, ByteDance, being Chinese-owned. “Yet the State cites nothing to support these allegations,” lawyers for ByteDance wrote. The lawyers argue…
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