Investing.com – U.S. stocks fell on Wednesday as investors awaited the fate of the U.S. debt ceiling deal on the last trading day of May.

Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to raise the U.S. debt ceiling by $31.4 trillion cleared a significant hurdle late Tuesday, passing the rules committee and being sent to the full House for consideration and a vote expected Wednesday.

It traded down 228 points or 0.7%. The S&P 500 fell 0.6%, but fell 0.3%.

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What makes markets move?

President Joe Biden and House Speaker Kevin McCarthy announced a deal over the weekend to cut federal essential spending for two years and raise the debt ceiling, but the deal has yet to be ratified.

“I think we have enough votes to pass the deal today,” Representative Patrick McHenry, the GOP negotiator for the debt deal, told CNBC on Wednesday morning.

If the Republican-controlled House of Representatives passes the bill, it will be sent to the Senate for debate and a vote.

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Both houses of Congress must pass the legislation before June 5, when the Treasury Department will run out of money and be unable to pay its debts for the first time in American history.

If the Treasury can’t pay, it could wreak economic havoc on the U.S. and global economies.

During the month, the sum rose more than 6%. The S&P 500 was up just 0.4%, while the Dow Jones was down about 3.6%.

The Nasdaq’s tech performance was largely due to interest surrounding artificial intelligence, which pushed Nvidia’s market capitalization above $1 trillion on Tuesday.

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Recently released data

The US economy added nearly 10.103 million jobs, while experts expected 9.775 million jobs to be created in April. After registering 9.590 million prospects in the previous reading.

Employment data is important because it is an indicator of the state of the US labor market and its ability to withstand rising interest rates, as Jerome Powell often refers to US job prospects when talking about the strength of the US market.

Now the markets

An ounce rose 0.42% to $1,985.

Spot contracts rose 0.41% to 1967 dollars an ounce.

On the other hand, the dollar index rose 0.36% to 104.457 points.

It fell 0.6% to $73.27 a barrel.

Texas crude was down 0.76% at $68.95 a barrel.