Stock market news today: April CPI report, debt ceiling limit top of mind

US stocks traded mixed on Monday as investors prepare for the April CPI report due out on Wednesday, and nervously watch the debt ceiling showdown in Congress.

The consumer price index report for April will help guide the Federal Reserve in its interest rate decision at the next FOMC meeting in mid-June. The Fedincreasing the fed funds rate by 25 basis points to just over 5%. Meanwhile, a debt ceiling deadline is expected to be reached as early as June 1, according to Treasury Secretary Janet Yellen, and right now there seems to be little progress in Congress on a potential deal. Senate Republican leader Mitch McConnell said on Monday that he does not have a"secret plan" to broker a deal between President Joe Biden and Republicans.

"They're assuming there's some little secret plan here. The White House and the speaker's teams need to sit down now and settle it," McConnell said, adding that he would back House leader Kevin McCarthy's debt ceiling deal.

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