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Business News/ Markets / Stock Markets/  Wall Street week ahead: US stock markets brace for volatility over debt default worries

On the Wall Street, investors are bracing for volatile stock markets next week on uncertainty over raising of the US debt ceiling.

US President Joe Biden on Sunday called the latest Republican offer on lifting the debt ceiling “unacceptable".

“Much of what they've already proposed is simply, quite frankly, unacceptable," Biden said.

“It's time for Republicans to accept that there is no bipartisan deal to be made solely, solely on their partisan terms. They have to move as well," the US president added.

Over the weekend, House Speaker Kevin McCarthy accused White House officials of backtracking in negotiations on raising the debt ceiling and setting federal spending levels.

The US government is nearing the 1 June deadline, when the government could run out of cash to pay its bills, unless Congress allows it to borrow more.

A default on its debt would likely mean a recession for the US economy.

On Friday, US stock indices declined on worries over debt default. The S&P 500 slipped 6.07 points, or 0.1%, at 4,191.98. The Dow Jones Industrial Average fell 109.28, or 0.3%, at 33,426.63. The Nasdaq composite lost 30.94, or 0.2%, at 12,657.90.

On Friday, the yield on the 10-year treasury rose to 3.69% from 3.65% late Thursday. The 2-year treasury yield fell at 4.25%, down from 4.26% late Thursday. 

The US dollar on Friday fell to 138.10 Japanese yen from 138.68. The euro rose to $1.0808 from $1.0767.

On Friday, Brent crude for July delivery fell 28 cents to $75.58 a barrel. US crude oil benchmark for June delivery fell 31 cents to $71.55 a barrel. Natural gas for June delivery was flat at $2.59 per 1,000 cubic feet.

Gold on Friday for June delivery rose $21.80 to $1,981.60 an ounce. Silver for July delivery added 43 cents to $24.06 an ounce. 

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Updated: 21 May 2023, 10:12 PM IST
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