US Federal Debt Ceiling Vote and Possible Federal Reserve Rate Hikes Prompt Market Uncertainty
- Wall Street closed lower Wednesday over concerns about the federal debt ceiling vote in Congress and a possible interest rate increase by the Federal Reserve.
- Traders estimate a 70% chance of a 0.25% rate hike at the Federal Reserve's September meeting.
- Positive developments in US debt ceiling negotiations and the Chinese economy could lead to slight gains at the opening bell.
- The US dollar and oil prices declined due to lower expectations of rate hikes and increased crude oil stockpiles.
- Salesforce stock fell over 5% following weak sales growth.