Wall Street down, debt in sight

(New York) The New York Stock Exchange was trading slightly lower on Wednesday, the last day of the month, pending a key vote in the US House of Representatives on the debt ceiling.

The Dow Jones Index fell 0.68%, the NASDAQ 0.16% and the S

The day before, the clues had ended in scattered order. The Dow Jones fell 0.15% to 33,042.78 points while the S

“The Dow Jones is finishing its worst month since February while the S

The soap opera of raising the US debt ceiling continues to be the focus of investor interest.

The draft agreement sealed on Saturday between the White House and House Speaker Kevin McCarthy passed the milestone of approval in committee on Tuesday evening and awaits the green light from the House on Wednesday evening.

A vote is scheduled for around 8:30 p.m. EST. “There is consternation among some conservatives who feel that too many concessions have been given to the Democrats,” warned Art Hogan.

The narrowly Democratic-dominated Senate must then pass the text by Monday, when Treasury Secretary Janet Yellen says the United States could run out of cash if the ability to borrow is not restored.

“Once the debt episode is over, if any, markets will quickly turn back to monetary policy from the Fed as more and more of its members lean towards more rate hikes going forward. ‘future,’ said Art Hogan.

Several members of the central bank were due to speak on Wednesday. Above all, the Beige Book, the last economic report before the monetary meeting of June 13 and 14, must be published in the second part of the session and will give indications on the health of the activity of the world’s largest economy.

On the bond market, the rates were stable, rather oriented downwards at 3.67% against 3.68% the day before for 10-year Treasury bills.

On the side, Nvidia, the manufacturer of processors boosted by demand linked to artificial intelligence (AI), descended from its heights after briefly passing the 1000 billion capitalization mark on Wall Street on Tuesday.

The action of the group of Santa Clara (California), which has taken 175% since the beginning of the year, yielded 0.84% ​​to 397 dollars.

C3ai, a software company also focused on AI, whose stock has also quadrupled since the start of the year, climbed 6% to 41.25 dollars.

HP Enterprise, the branch that provides services and products to businesses, delivered mixed results in the second quarter and lowered its forecast. The stock was down almost 7%. HP Inc, which includes the Printers and PCs business, was down 3.75%.

The auto parts chain sank 31.57% after announcing a cut in its dividend due to a poor first quarter that could continue for the rest of the year, management said.

JP Morgan bank fell 1.68% as a former bank executive told The Wall Street Journal he discussed with CEO Jamie Dimon whether to keep the accounts of Jeffrey Epstein, the financier accused of sex trafficking , which Jamie Dimon denies.