The major indices found some upside momentum mid-morning following reports that House Speaker McCarthy said it’s possible a deal could come to the House floor next week. That momentum quickly dissipated, though, due to reports indicating a debt ceiling deal won’t be easy to reach.
Leading Economic indicators continue their decline, falling 0.6% in April, in-line with consensus. This marks the 13th straight monthly decline in the LEI, taking the trend further into negative territory.
Existing home sales continue to trend lower with March down and now April dropping 3.4% m/m and missing expectations of 3.2% drop.
Strong leadership from mega caps continues with Technology, Communication Services and Consumer Discretionary being in positive territory. Meanwhile, Real Estate and Consumer Staples are the worst performers.
More Fed speakers are scheduled tomorrow as investors await Powell speech.
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