Stocks decline as investors await the House decision on the debt ceiling; yet, the Nasdaq rose about 6% in May.

In the final trading day of May, investors watched the Washington discussion around the federal debt ceiling and stocks dipped on Wednesday.

The Dow Jones Industrial Average closed at 32,908.27 after trading 134.51 points, or 0.41%, lower. At 4,179.83, the S&P 500 lost 0.61% of its value. the Nasdaq Composite index

slid 0.63% and came in at 12,935.29.

The agreement, which was struck over the weekend by President Joe Biden and House Speaker Kevin McCarthy, passed a crucial test Tuesday night and was then approved on the House floor by a vote of 7-6. The floor vote is anticipated to happen Wednesday night. GOP debt deal negotiator Rep. Patrick McHenry stated on CNBC’s “Squawk Box” on Wednesday: “I think we have the votes to pass this today.”

Before the United States would default, a debt ceiling agreement would probably be passed, according to Sam Stovall, chief investment analyst at CFRA Research. However, investors are unsure of if further revisions and time are required before an official agreement can be reached. After a bill is passed, he predicted that market participants’ attention will turn to the Federal Reserve policy meeting in June.

According to Stovall, “some investors are concerned that the loud, dissenting fringes may ultimately result in this vote failing and requiring some adjustments before it ultimately passes.” Prior to tonight’s election, “people are taking whatever profits they can.”

With Wednesday’s close, the trading month of May came to an end. The Nasdaq Composite ended the month 5.8% higher thanks to a surge in firms tied to artificial intelligence and other technology names. The S&P 500 increased by almost 0.3% in the month, after briefly giving up its month-to-date gains on Wednesday. Nike, Walt Disney, Walgreens, 3M, Chevron, and Dow, Inc. all experienced May losses of more than 10%, which contributed to the Dow’s over 3.5% monthly decline.

Correction: On Tuesday, Nvidia’s market cap temporarily exceeded $1 trillion. The date in the previous edition was incorrect.

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