Stock Market News Today: Indexes drop as China's economy weakens

The final trading day of the month kicked off in the red, with weak economic data coming out of China and investors still keeping eyes on Washington for updates on a potential conclusion to the debt-ceiling drama.

Chinese factory activity contracted at a faster pace in May, and service-sector growth cooled off, dashing hopes for a stronger rebound in the world's second largest economy. China's sluggish emergence from COVID-19 lockdowns has showed up across all parts of its economy, includingMeanwhile, the debt ceiling deal that President Joe Biden and House Speaker Kevin McCarthy reached over the weekend will head to a vote on the House floor Wednesday evening.

This month, the S&P 500 is up about 0.9%, while the Nasdaq Composite has added 6.5% and the Dow has declined more than 3%.

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