Summary
Stocks gave up early gains on Friday morning on news of a setback in the debt ceiling negotiations between the Biden administration and House Republicans. Representative Garret Graves of Louisiana, the lead negotiator on the Republican side, said that it was time to ‘press pause’ because the negotiations were not productive. On the earnings front, Deere & Co. reported stronger-than-expected fiscal 2Q EPS and raised its full-year guidance. On the negative side, footwear retailer Foot Locker plunged 27% after reporting disappointing 1Q results and cutting its sales and earnings forecasts. The Dow fell 0.3%, the S&P 0.1%, and the Nasdaq 0.2%. Crude oil fell to $71.50 per barrel, while gold traded near $1982 per ounce.
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