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What to Know Right Now:

U.S. stocks finished lower Wednesday,  the last day of the month with the S&P 500 closing out May with a small gain, as investors weighed remarks from Federal Reserve officials on monetary policy while awaiting a debt-ceiling vote by Congress.

The Dow Jones Industrial Average closed 0.4% lower on Wednesday, while the S&P 500 and the Nasdaq Composite each shed 0.6%, according to preliminary data.

The tech-heavy Nasdaq logged a 5.8% monthly rise in May, aided by gains for artificial-intelligence-related stocks. The S&P 500 eked out a 0.3% rise for May, while the Dow suffered a monthly loss of 3.5%.

Meanwhile, investors await an expected vote by the House on the U.S. debt-ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy which may boost the market for the beginning of the month of June to the delight of those who have been riding the volatile first quarter wave.

Hiring tapered off a bit in May and inflation increased at a slower pace, a Federal Reserve survey found, but the U.S. economy expanded again and suggested growth is unlikely to slow enough to ease stubbornly high price pressures.

The Fed’s regular survey of the economy, known as the Beige Book, indicated the U.S. is still in decent shape.

Yet persistently high inflation remains a big problem for a Fed bent on eradicating price pressures. The central bank might have to raise interest rates again this year, economists say, to fully get inflation under control.

The report covers the six weeks leading up to May 22. It was prepared ahead of the Fed’s next meeting on June 13-14. 

- Market Watch - Idzelis/Bartesh

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