The S&P 500's two-week losing streak is its first since February amid worries about a recession and lack of debt ceiling talk progress.
"I'm hopeful. I think the negotiations are very active. I'm told they have found some areas of agreement," saidYellen told CNBC last week that failure to hatch an agreement on the debt ceilingwith Treasury currently giving June 1 as the date when it could fail to meet its obligations. President Joe Biden is expected to host top Congressional leaders on Tuesday for debt ceiling talks.
Wall Street on Friday absorbed a preliminary reading from the University of Michigan that showed consumer sentiment falling to a six-month low as debt ceiling negotiations drag on and as inflation continues to linger., which will show how New York State manufacturers feel about the economy. Economists polled by Dow Jones are expecting a reading of 1.0, which would be lower than the 10.8 level in previous data.
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