Only three out of 11 sectors closed higher, led by Information Technology
#Major markets had a mixed week. Nasdaq and S&P 500 rose, while Dow Jones and MSCI indices fell. Only three out of 11 sectors closed higher, led by Information Technology. S&P 500 traded within a substantial range, hitting a low near 4100 midweek and reaching a high near 4200. The mixed performance reflected tension around Debt Ceiling talks. President Biden and House Speaker McCarthy worked on a deal to extend the debt ceiling until January 2025, potentially pushing political discussions past the 2024 election. Fed Presidents discussed a possible rate hike in June, and the April Consumer Spending report exceeded expectations, increasing the likelihood of a 25-basis point increase at the June meeting according to the CME Group.