U.S. stocks were mixed on Monday as investors awaited clarity on the outcome of debt ceiling negotiations. President Joe Biden was expected to meet with House Speaker Kevin McCarthy, a California Republican, later today as aides spent the weekend trying to sew up an agreement. The deadline for Congress to raise the ceiling or suspend it is quickly approaching, with some estimates saying the government will run out of options to continue paying its obligations as early as June 1. The uncertainty is hanging over markets as the Federal Reserve prepares to meet again next month to decide the next move on interest rates.
China banned some sales of Micron Technology, Inc. (NASDAQ:MU) chips to key industries in its country, citing national security. Shares of Micron fell 4.4%. Shares of Facebook parent Meta Platforms, Inc. (NASDAQ:META) rose 2% after European Union privacy regulators fined it $1.3 billion for sending user information to the U.S. Oil dipped, with Crude Oil WTI Futures down 0.1% to $71.59 a barrel, while Brent Oil Futures crude was down 0.1% to $75.52 a barrel. Gold Futures was down 0.3% to $1,975.