![]() In the bond market, the 10-year Treasury yield rose to 3.71% from 3.68% late Friday. The question is how much worse they will get because the economy is slowing under the weight of much higher interest rates meant to get inflation under control. S&P 500 companies are in the midst of reporting a second straight quarter of profit drops from year-ago levels. ![]() Meta called the decision unjustified and said it would appeal. Meta Platforms rose 1.1% after shaking off news that European regulators hit it with a record $1.3 billion privacy fine. Beijing said Micron products had unspecified “serious network security risks” that could affect national security. maker of memory chips, dropped 2.8% after the Chinese government on Sunday banned use of its products in sensitive computer systems, stepping up a feud with Washington over technology and security. That would be the first time the Fed hasn't announced a rate hike at a meeting in more than a year. Investors also hope the Federal Reserve will hold its key lending rate steady at its next meeting in June after a run of increases to cool business activity and inflation. Stocks rallied last week on hopes for a deal but fell back Friday when negotiations hit a roadblock. The Dow Jones Industrial Average fell 0.4%, to 33,286.58 and the Nasdaq composite rose 0.5% to 12,720.78. ![]() McCarthy said early on that that is out of the question. Biden wants to increase some taxes on the wealthiest Americans and some big companies. Republicans are determined to cut spending while Biden’s team offered to hold spending levels flat. On Monday, President Joe Biden and House Speaker Kevin McCarthy said they had a productive debt ceiling discussion at the White House but reached no agreement. That would send shockwaves through global financial markets and could weigh on an already weakening global economy. government is forecast to run out of money to pay its bills as soon as June 1 if Congress doesn't increase the amount the Treasury is allowed to borrow. debt default have added to investor unease about the health of the global economy following interest rate hikes to cool inflation and high-profile bank failures in the United States and Switzerland. New Zealand declined while Singapore and Jakarta advanced. The Hang Seng in Hong Kong shed 0.3% to 19,626.06. The Shanghai Composite Index sank 0.8% to 3,270.46 while the Nikkei 225 in Tokyo gained 0.6% to 31,286.70. “The resumption of debt ceiling negotiations spurred some hopes despite distinct risks of brinksmanship and blame-shifting,” Tan Boon Heng of Mizuho Bank said in a report. Wall Street's benchmark S&P 500 index edged up less than 0.1% on Monday as Congress and the White House negotiated over Republican demands to cut social programs in exchange for agreeing to raise the amount the government can borrow.
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