U.S. Equity Markets closed mixed after a quiet session as traders are forced to wait for the debt ceiling show to sort itself out. Following a moment of positivity surrounding a debt deal last week, sentiment quickly returned to uncertainty as congressional leaders and President Biden struck hard-lined positions over the weekend. The supposed “deadline” of June 1 that was first reported by U.S. Treasury Secretary Janet Yellen is now only ten days away. With each day that passes, market volatility will increase, creating an undesirable scenario for many investors. President Biden and House Speaker McCarthy are scheduled to meet overnight. Investors will be watching for any clues this week as the Federal Reserve’s next interest rate decision comes into focus. In addition to several policy makers set to speak this week, traders will be closely watching Friday’s latest release of the PCE Price Index, a closely monitored inflation gauge by Fed Chair Jerome Powell. Another round of major retailers will report earnings this week. Results from major names like Dollar Tree (DLTR), Costco (COST), and BJ’s (BJ) will provide investors with a more thorough look at the state of the consumer. Walmart’s (WMT) recent results provided some hope to discount retailers looking to cash in on the trade-down effect of consumers facing tighter budgets. European Markets closed mixed on what turned out to be a quiet session. In Asia, Tensions between China and the U.S. took another turn as China announced that it is banning local companies from doing business with U.S. semiconductor firm, Micron Technology (MU). (The decision cited that Micron did not pass a cybersecurity review). This escalation brings new uncertainty to other U.S. chipmakers who could soon face a similar reality. Elsewhere, Oil closed 0.54% higher while Gold fell 0.20% after a quiet session.
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