Market Mixed As Debt Talks Loom Over Default Risk
Stocks closed mixed as traders awaited a debt limit meeting between President Biden and Speaker McCarthy amid fears of a U.S. default. The S&P 500 edged up 0.65 to 4192.63, the Dow fell 140.05 to 33286.58, and the Nasdaq rose 62.88 to 12720.78 while PacWest surged on loan portfolio sale and Micron faced China security concerns.
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No Deal On Debt Ceiling Talks Remain Optimistic
Biden and McCarthy returned from a productive White House meeting amid a looming debt limit deadline. They urge continued talks with no ground given on taxes or spending while narrowing options for a 2024 budget cap and possible 31 trillion debt ceiling action. Negotiators work through the night with 72 hour posting rules in play.
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EU fines Meta record 1.3 billion over data transfers
The EU penalties Meta with a 1.2 billion euro privacy fine and orders a halt to transferring European users data to the United States by October. Ireland’s Data Protection Commission issued the ruling, urging deletion of unlawfully stored data and signaling potential disruption to cross Atlantic data flows for Meta and other tech giants.
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