Wall Street's focus remained on U.S. debt ceiling negotiations today, following yesterday's meeting between President Joe Biden and House Speaker Kevin McCarthy, with some House Republicans questioning the accuracy of the June 1 deadline. Treasury yields jumped amid the uncertainty, and stocks finished firmly lower. The Dow and Nasdaq dropped triple digits, while the S&P 500 marked a significant loss of its own.

OIL EDGES HIGHER ON CHANCE OF OUTPUT CUT

Oil prices settle higher on Tuesday after Saudi Arabia’s Energy Minister and Prince Abdulaziz bin Salman said there is still a chance of a surprise crude output cut during the June meeting of the Organization of the Petroleum Exporting Countries and their allies (OPEC+). July-dated crude tacked on 86 cents, or 1.2%, to close at $72.91 per barrel.

Gold prices settled lower, extending their rout below the $2,000 mark as the U.S. dollar strengthened. June-dated gold shed $2.70, or 0.1%, to close at $1,974.50 an ounce on the day.

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