By Will Horner and Hannah Miao
U.S. stocks wobbled Monday after Treasury Secretary Janet Yellen said over the weekend that negotiations over raising the debt ceiling were making progress and could result in a deal.
Ms. Yellen has warned that the U.S. could become unable to pay its bills as soon as June 1 if Congress doesn't first raise the federal borrowing limit.
In recent market action:
The major U.S. stock indexes wavered around the flatline. The S&P 500 dipped less than 0.1% while the Dow industrials ticked down around 0.2%. The tech-heavy Nasdaq Composite added 0.1%.
The benchmark 10-year U.S. Treasury yield rose to 3.506%, from 3.461% Friday. A New York Fed survey on manufacturing in the state dropped dramatically.
Turkey's benchmark stock index fell after results from its election suggested President Recep Tayyip Erdogan had performed better than expected, but not enough to avoid a runoff vote.
Other overseas stock indexes mostly gained. The Stoxx Europe 600 rose 0.1%. In Asia, the Nikkei 225 index added 0.8%, the Hang Seng rose 1.7%, and the Shanghai Composite index added 1.2%.
Brent crude, the international oil benchmark, edged up 1.3% to $75.10 a barrel as Turkey's election could potentially delay the restart of a major pipeline.
(END) Dow Jones Newswires
05-15-23 1001ET
