President Joe Biden delivers a brief update of the ongoing negotiations over the debt limit in the Roosevelt Room at the White House on May 17, 2023 in Washington, DC.
Chip Somodevilla | Getty Images News | Getty Images
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The good news: Biden will meet McCarthy in person later today to discuss the debt ceiling, after a pause in negotiations over the weekend. The bad: There’s no telling how the talks will proceed.
What you need to know today
- U.S. President Joe Biden and House Speaker Kevin McCarthy will meet at the White House Monday to resume negotiations over the debt ceiling, NBC News reported. Over the weekend, discussions halted, with McCarthy telling reporters talks couldn’t resume until Biden returned from the Group of Seven summit in Japan.
- U.S. stocks slipped Friday as investors worried about delays to a deal on the debt ceiling, contrary to their optimism earlier in the week. Asia-Pacific markets opened the week higher. China’s Shanghai Composite inched up 0.1% as shares of Chinese chipmakers rose after the country barred operators of key infrastructure from buying products from U.S.-based chip competitor Micron.
- PRO Analysts think stocks can rise even higher in the second half of the year — if three conditions are met. Economic data coming out this week, including May’s PMI Composite, minutes of the Fed meeting and GDP figures, will make it clearer if markets can rally.
The bottom line
The Writers Guild of America may be on strike now, but we don’t lack gripping drama — in the form of the U.S. debt ceiling negotiations.
It’s a good thing markets were closed over the weekend, or they’d probably have fallen on McCarthy’s comments that talks couldn’t resume until Biden returns to the country. Investors were already spooked on…
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