US stock indexes closed lower after a disappointing forecast from Home Depot and retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment $HD
Recent data has indicated slowing in the U.S. economy following a string of rate hikes by the Federal Reserve to fight high inflation. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.
While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Traders work on the floor of the New York Stock Exchange in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermidhe was "comfortable" with raising interest rates further if needed, but liked the "optionality" implied in the latest policy statement.Lawmakers held a
about raising the debt ceiling. The Treasury Department has warned it could run out of money as soon as June 1 without a deal, which would trigger a default and likely cause a sharp economic slump.
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