rose modestly on Monday, helped by gains in Alphabet and Meta Platforms, although some investors refrained from big bets ahead of a fresh round of talks about raising the U.S. debt ceiling.to discuss raising the federal debt ceiling, just 10 days before the United States could face an unprecedented default.
"The market is in a holding pattern," said Nadia Lovell, senior U.S. equity strategist at UBS Global Wealth Management in New York. "We have to see how this debt ceiling stuff goes and the resumption of negotiation around that. Also people are waiting to hear more from the Fed." Comments by St. Louis Fed President James Bullard on Monday that the Federal Reserve may still need to raise its benchmark interest rate by another half-point this year pushed up the U.S. dollar.
Investors will look for clues on the monetary policy path from a slew of Fed speakers and key data points this week such as the April personal consumption expenditure index and durable goods.Reuters Graphics Reuters Graphics