Stock market moved lower during the US session as regional bank shares slide lower, as investors readied for key inflation reports due later in the week and progress on the US debt limit.
Fears over the divided US Congress to raise the federal government’s debt ceiling, which currently stands at over $31 trillion but risks running out of cash as soon as June 1st.
The current razor-thin margins in Congress are complicating the matter. President Joe Biden was expected to meet with congressional leaders on Tuesday.
Also, New York Federal Reserve President John Williams cautioned as he spoke during the US session that inflation remains to high due to a strong job market.
Separately, economic data showed that confidence among small-business owners fell in April to the lowest level since 2013, signalling a pullback in business investment.
On the stock moves, PayPal Holdings, Inc. shares sank on Tuesday after the company slashed its outlook for annual adjusted operating margin.
Boeing Company shares ticked up after the news of massive and deliveries to Ryanair, giving the airline maker and the airline industry a boost.
Traders are also looking ahead to April’s consumer price index report slated for Wednesday and the producer price index on Thursday for the newest data on the path of inflation.