Stock market news today: Investors await completion of debt ceiling deal

raise the debt ceiling until January 2025

and includes various spending cuts and deficit reduction measures, including keeping non-defense discretionary spending roughly flat in 2024, with only a 1% increase in 2025. The deal will allow the US to avoid the fast-approaching"X-date," when the Treasury runs out of money to pay its bills. Treasury Secretary Janet Yellen estimates that day could come on June 5.

The deal still has to be voted on and passed in the House and Senate chambers of Congress before going to Biden for his signature. And several Republicans voiced opposition to the deal on Tuesday, threatening prospects of its passage. Meanwhile, artificial intelligence stocks continued to jump on Tuesday, with shares of Nvidia jumping about 3% to a record high. The stock briefly hit

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European stocks slip as tech, bank drag; investors assess U.S. debt ceiling dealEuropean shares edged lower in light trade on Monday, on losses in technology and bank stocks, while investors assessed the tentative deal reached by U.S. lawmakers to raise the nation's debt ceiling and avert a default.
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