Day Traders Diary

5/31/23

The major averages closed lower on the day even as Congress moved closer to passing the federal debt ceiling bill. The Dow Jones Industrial Average fell 134 or 0.41%, to end at 32,908.  The S&P 500 dropped 25 points or 0.61% to close at 4,179 while the Nasdaq Composite declined 82 points or 0.63% after opening higher to start the day.

The deal, which was reached over the weekend by President Joe Biden and House Speaker Kevin McCarthy, cleared a major test Tuesday night after advancing to the House floor following a 7-6 vote in the House Rules Committee. The floor vote is expected to take place Wednesday evening.

Wednesday's close marked the end of the May trading month. The Nasdaq Composite finished the month 5.8% higher, helped by a rally in artificial intelligence-related stocks and other technology names. The S&P 500 added nearly 0.3% in the month, despite at one point relinquishing its month-to-date gains during Wednesday's selloff. The Dow fell almost 3.5% in the month.