Futures flat as debt limit talks to continue, Micron slides
U.S. stock index futures remained nearly flat in the early hours of Monday, just ahead of the discussions about raising the debt ceiling after a brief pause late last week, while shares of Micron Technology Inc fell following China’s ban on its chips.
Hopes that a deal would be struck sometime over the weekend to raise the $31.4 trillion U.S. debt limit helped Wall Street’s main indexes end the last week with gains.
President Joe Biden and House Republican Speaker Kevin McCarthy will meet for talks on Monday after the two leaders held a phone call on Sunday that both sides described as positive.
Less than two weeks remain before a June 1 deadline after which the Treasury warned that the federal government will struggle to pay its debts, triggering a default that would cause chaos in financial markets and spike interest rates.
Among early decliners, chipmaker Micron’s (MU.O) shares fell 6% in premarket trading after China barred it from selling memory chips to key domestic industries, also ramping up trade tensions between Beijing and Washington.
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