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Business News/ Markets / Stock Markets/  Global markets update: US stocks mixed amid worries over debt deal vote

Global markets update: US stocks mixed amid worries over debt deal vote

S&P 500 finishes flat, Dow Jones Industrial Average falls 0.15%, Nasdaq composite rises 0.32%

The yield on the 10-year treasury fell to 3.69% from 3.81% late Friday. (AP )Premium
The yield on the 10-year treasury fell to 3.69% from 3.81% late Friday. (AP )

US stocks closed mixed on Tuesday amid worries over whether the US Congress will pass a debt ceiling deal.

The S&P 500 gained 0.15 points to finish flat at 4,205.6. The Dow Jones Industrial Average fell 50.49 points, or 0.15%, at 33,042.85. The Nasdaq composite rose 41.74 points, or 0.32% at 13,017.43.

After weeks of wrangling, US President Joe Biden and House Speaker Kevin McCarthy finalised a compromise deal on Saturday and urged Democrats and Republicans to approve it before the government runs out of cash on June 5.

On Tuesday, McCarthy said the deal should be easy for Republicans to vote for and was likely to pass, but some right-wing Republicans said they opposed the bipartisan deal.

Nvidia Corp became a $1 trillion company after its stock rose to a record high as it anticipates a surge in demand for its AI chips. Nvidia closed at $401.11, 2.99% up, after paring gains.

On the economic front, data showed a consumer confidence grew more than expected in May. This could prompt the Federal Reserve to hike rates more to fight inflation.

The labor department is slated to release unemployment data for May on Friday.

The yield on the 10-year treasury fell to 3.69% from 3.81% late Friday. The yield on 2-year treasury declined to 4.46% from 4.57%.


The US dollar fell to 139.87 Japanese yen from 140.41. The euro rose to $1.0719 from $1.0711.


Energy shares dragged the Canada stock index down on Tuesday. The Toronto Stock Exchange's S&P/TSX composite index closed lower 228.25 points, or 1.1%, at 19,739.70.


European stocks slid on Tuesday on losses in shares of Nestle and energy companies.

The pan-European STOXX 600 index ended 0.9% lower.

Britain’s FTSE 100 fell 1.38% at 7,522.07. Germany’s DAX lost 0.27% at 15,908.91. France CAC 40 fell 1.29% at 7,209.75.

The world's biggest packaged food company Nestle tanked 3.3% after it hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer.

Energy sector index dropped 2% on falling oil prices.

Unilever Plc dipped 3%.

Swedish gaming company Embracer jumped 11.2% to top the STOXX 600.


In Asia, stock markets were mixed on Tuesday.

Hong Kong’s Hang Seng index gained 0.2% at 18,595.78. China’s Shanghai Composite added 0.1% at 3,224.21.

Japan’s Nikkei 225 rose 0.3% at 31,328.16.

Australia’s S&P/ASX 200 index fell 0.1% at 7,209.3. New Zealand's benchmark S&P/NZX 50 index dropped 0.5% at 11,878.71.

Markets in South Korea and Singapore rose, while in Taiwan, Philippines, Thailand and Indonesia retreated.

Energy prices

Brent crude for July delivery fell $3.53 to $73.54 a barrel on Tuesday. US crude oil benchmark for July delivery fell $3.21 to $69.46 a barrel.

Natural gas for June delivery fell 9 cents to $2.33 per 1,000 cubic feet.


Gold for June delivery rose $13.70 to $1,958 an ounce. Silver for July delivery fell 12 cents to $23.24 an ounce.

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Updated: 31 May 2023, 02:22 AM IST
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