Home/ Markets / Stock Markets/  Global stocks tumble on worries about US debt default

Global stocks tumbled on Wednesday as worries grew about US debt default.

Investors’ focus is on Washington, where President Joe Biden and House Speaker Kevin McCarthy have had a number of meetings to find a path to lift the debt limit from the current $31.8 trillion ahead of a June 1 deadline.

US stock indices declined on Wednesday.

The S&P 500 lost 30.34 points, or 0.73%, at 4,115.24. The Dow Jones Industrial Average fell 255.59 points, or 0.77%, at 32,799.92. The Nasdaq Composite dropped 76.08 points, or 0.61%, at 12,484.16.

Citigroup Inc stock fell 3.1% as the bank scrapped a $7 billion sale of its Mexican consumer unit Banamex. The bank said it will list Banamex.

Analog Devices tumbled 7.8% despite reporting strong profit and revenue.

Agilent Technologies fell 5.9% despite reporting better-than-expected results.

Kohl’s climbed 7.5% after reporting a surprise profit for its latest quarter.

Homebuilder Toll Brothers shares gained 2.1% after reporting strong results.

The yield on the 10-year treasury rose to 3.73% from 3.70% late Tuesday. The yield on the 2-year treasury increased to 4.37% from 4.33%.


The US dollar rose to 139.16 Japanese yen from 138.48. The euro fell to $1.0750 from $1.0776.


Canada stocks fell on Wednesday as two major banks reported smaller-than-expected quarterly profits.

The Toronto Stock Exchange's S&P/TSX composite index ended down 218.32 points, or 1.1%, at 19,927.69.

Bank of Montreal and Bank of Nova Scotia shed 3.9% and 1.3%, respectively.



European stocks slipped on Wednesday on little progress in the US debt ceiling talks and on a jump in UK core inflation.

The pan-European STOXX 600 index dropped 1.8%.

Britain’s FTSE 100 fell 1.8% at 7,627.10. Germany’s DAX lost 1.9% at 15,842.13. France CAC 40 plunged 1.7% at 7,253.46.

Real estate stocks dipped 3%, followed by over 2% losses in travel and leisure and insurance shares.

A report showed that core measure of UK price growth surged to a 31-year high in April.


Asian stock markets fell on Wednesday.

Hong Kong’s Hang Seng index dropped 1.6% at 19,115.93. China’s Shanghai Composite shed 1.3% at 3,204.75. Japan’s Nikkei 225 fell 0.9% at 30,682.68.

Australia’s S&P/ASX 200 index finished 0.6% lower at 7,213.8 points. New Zealand's benchmark S&P/NZX 50 index climbed 0.2% at 11,995.27 points.

Markets in South Korea, Taiwan and Singapore also declined.

Energy prices

Brent crude for July delivery gained $1.52 to $78.36 a barrel on Wednesday. US crude oil benchmark for July delivery rose $1.43 to $74.34 a barrel. 

Natural gas for June delivery rose 8 cents to $2.40 per 1,000 cubic feet.


Gold for June delivery fell $9.90 to $1,964.60 an ounce. Silver for July delivery lost 38 cents to $23.24 an ounce.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 25 May 2023, 02:34 AM IST
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout