US stocks closed lower as investors grew more cautious ahead of key inflation data and worries of a potential US government default
Investors will look for clues on whether inflation is continuing to ease following the Labor Department's consumer price index report on Wednesday.
Talks over the U.S. debt ceiling are adding to caution in the market as traders were also waiting for an update on plans for thefrom a meeting between U.S. President Joe Biden, Republican House Speaker Kevin McCarthy and other congressional leaders at the White House. Worries of a potential government default loom over Washington as early as June 1, if Congress does not act to resolve the deadlock.
"Overall, it's a relatively mild day, but both the debt ceiling as well as the inflation are causing some anxiety," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.
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