US stocks climb but head for a weekly loss as investors weigh debt-ceiling talks

NYSE traders
Lucas Jackson/Reuters
  • US stocks climbed Friday, but the major indexes remain on track for a losing week.

  • Debt-ceiling talks drag on, and investors are weighing the implications of the fast-approaching X-date.

  • President Joe Biden and lawmakers have postponed a meeting for further negotiations until next week.

US stocks climbed Friday, but were on track for a weekly decline as investors continue to take in the ongoing debt-ceiling stalemate. Reports said that a planned Friday meeting between lawmakers and President Joe Biden has been delayed until next week.

With a looming potential US default and more regional bank weakness surfacing, recession fears are mounting. Treasury Secretary Janet Yellen said the so-called X-date, when the US could default on its debt, could arrive as soon as June 1.


Meanwhile, Federal Reserve Governor Michelle Bowman said Friday that still-high inflation could justify another interest rate hike, which would heighten the risk of a downturn. Her comments followed weaker-than-expected wholesale prices data, which pointed to easing inflation.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday: 

Here's what else is going on: 

In commodities, bonds, and crypto: 

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