Stock market news today: Stocks mixed on debt ceiling progress

US stocks were mixed on Monday as markets assessed reports suggesting some movement is being made in Washington on bridging the political gap needed to raise the $31 trillion debt ceiling and prevent the country from slamming into a debt default.

The S&P 500 was hoping to notch its first gain after two losing sessions and following two back-to-back weekly declines. The Biden administration and Republican lawmakers are making progress in their negotiations over spending and raising the debt limit and the talks could lead to a deal, Treasury Secretary Janet Yellen said Saturday, according to

. Yellen has warned of major damage to the economy if the US were to miss meeting its debt obligations. that issues in focus between negotiators had narrowed, suggesting a possible agreement was taking shape. Biden is expected to resume talks over the debt limit on Tuesday, according to multiple reports.

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