Debt Ceiling Showdown

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Opening Market Update: Debt Ceiling Showdown

CS
Wall Street is on tenterhooks this morning as it awaits today's White House meetings about the debt ceiling and tomorrow's critical April Consumer Price Index (CPI) report. The market barely moved yesterday, and a narrow trading range may be the case again today ahead of the data.

(Tuesday market open) Wall Street's collective eyes turn to Washington, D.C., today when President Biden and congressional leaders gather to discuss the debt ceiling.

Neither side has indicated that it intends to budge, but investors might be encouraged just to see them talking. The Treasury Department warned last month that the country could default as soon as June 1 if Congress doesn't suspend or raise the debt ceiling.

Beyond that, inflation data due out tomorrow and Thursday could help set the tone. Wednesday morning brings the April Consumer Price Index (CPI), followed Thursday by the Producer Price Index (PPI). Disney (DIS) reports tomorrow afternoon.

Stocks traded in a narrow range yesterday, and that may be the case again today with CPI looming.

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