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Stocks slip as investors look to House vote on debt ceiling, Nasdaq pops nearly 6% in May: Live updates

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Stocks fell Wednesday as investors kept an eye on the federal debt ceiling debate in Washington in the final trading day of May. The Dow fell 0.40%. The S&P 500 shed 0.61%. The Nasdaq lost 0.63%.

North Korea's first attempt at launching a military spy satellite resulted in failure on Wednesday, with South Korea's military picking up wreckage after the carrier rocket crashed into its western waters.

"The carrier rocket 'Chollima-1' fell to the West Sea of Korea after losing thrust due to the abnormal starting of the second-stage engine after the separation of the first stage during the normal flight," it said on the English language version of its website. A weak read in that manufacturing measure "has been a solid precursor to policy easing," Morgan Stanley analysts said in a May 17 report.

Australia's headline inflation hit 6.8% in April, higher than the range of expectations from economists polled by Reuters. The poll of 19 economists saw predictions range from 5.9% to 6.6%.elaborated that the most significant price rises were in housing, which saw a year-on-year increase of 8.9%.

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