NEW YORK, New York - Republicans were in uproar Tuesday over the deal hammered out by President Joe Biden and House Speaker Kevin McCarthy prior to the weekend. The deal would see the debt ceiling lift for two years. However, many Republicans say McCarthy caved in and the proposed bill doesn't go far enough.
"It's not just that every Republican should vote against it. It's a little bit more than that. This is a career-defining vote for every Republican," GOP Rep. Dan Bishop, N.C. told CNBC Tuesday.
With doubt rising over the bill passing through Congress, the potential for a debt default loomed anew, pressuring stocks and pushing the U.S. dollar higher.
The Dow Jones industrials dropped 50.56 points or 0.15 percent to close Tuesday at 33,042.78.
The Nasdaq Composite edged up 41.74 points or 0.32 percent to 13,017.43.
The Standard and Poor's 500 was unchanged at 4,205.52 after inching up just 0.07 of a single point.
The NYSE Composite (DJ) index, representing the overall performance of the New York Stock Exchange, closed at 14,994.64, down 84.05 points or 0.56 percent.
The NYSE AMEX COMPOSITE INDEX (XAX), tracking the performance of the American Stock Exchange, closed at 3,887.56, experiencing a decline of 23.09 points or 0.59 percent.
The Russell 2000, a key small-cap index in the United States, closed at 1,767.29, witnessing a marginal decline of 5.73 points or 0.32 percent.
The CBOE Volatility Index (VIX), often referred to as the fear gauge, closed at 17.43, indicating a slight decrease of 0.03 points or 0.17 percent.
On foreign exchange markets, the euro fell 0.21 percent to settle around 1.0728, approaching the U.S. close Tuesday.
The Japanese yen firmed to 139.74 due to safe-haven demand and market uncertainties.
The Canadian dollar was little changed at 1.3597.
The British pound declined 0.43 percent to 1.2405.
The Swiss franc pair shed 0.25 percent to 0.9060.
The Australian dollar versus the U.S. dollar ended the day at 0.6516, experiencing a decline of 0.32 percent against the greenback.
The New Zealand dollar, against the U.S. dollar, closed at 0.6044, reflecting a decrease of 0.14 percent..
Meantime, world stock markets witnessed a mixed day of trading on Tuesday, with several major indices showing both gains and losses.
In London, the FTSE 100 index, representing the UK stock market, concluded the day at 7,522.07, marking a decrease of 105.13 points or 1.38 percent. The market experienced a dip, reflecting investors' cautious approach amid concerns over economic uncertainties.
Similarly, the German DAX PERFORMANCE-INDEX, represented by ^GDAXI, reported a decline of 43.82 points or 0.27 percent, settling at 15,908.91. The dip in the DAX index was influenced by a combination of factors, including profit-taking and global economic conditions.
Moving on to France, the CAC 40 index, denoted by ^FCHI, closed at 7,209.75, experiencing a decrease of 94.06 points or 1.29 percent. The market sentiment was affected by global economic headwinds and internal concerns.
The ESTX 50 PR.EUR, representing the Eurozone, finished the trading day at 4,291.58, down 28.43 points or 0.66 percent.
The Euronext 100 Index, tracking the performance of top companies across the Eurozone, closed at 1,338.14, experiencing a decrease of 15.25 points or 1.13 percent.
The BEL 20, which represents the Belgian stock market, concluded at 3,582.90 Tuesday, declining by 58.47 points or 1.61 percent.
The MOEX Russia Index, reflecting the Russian market, closed at 2,222.51, witnessing a minor dip of 4.14 points or 0.19 percent.
Contrasting the negative trend, the Nikkei 225 index in Japan displayed a positive trajectory. The index, represented by ^N225, gained 94.62 points or 0.30 percent, closing at 31,328.16. The Japanese market benefited from positive economic data and strong corporate earnings.
The Hang Seng Index in Hong Kong, represented by ^HSI, also ended on a positive note. The index increased by 44.67 points or 0.24 percent, concluding at 18,595.78. Optimism surrounding the easing of trade tensions contributed to the market's performance.
In China, the SSE Composite Index, denoted by 000001.SS, witnessed a marginal increase of 2.76 points or 0.09 percent on Tuesday, settling at 3,224.21. Meanwhile, the Shenzhen Index, represented by 399001.SZ, reported a gain of 47.46 points or 0.44 percent, reaching 10,869.55.
Across the Pacific, the S&P/ASX 200 index in Australia, represented by ^AXJO, experienced a minor decline of 8.10 points or 0.11 percent, finishing at 7,209.30. Similarly, the Australian ALL ORDINARIES saw a decline of 7.80 points or 0.11 percent, reaching 7,387.30.
Across the Tasman Sea, the S&P/NZX 50 INDEX GROSS in New Zealand, represented by ^NZ50, reported a decrease of 56.94 points or 0.48 percent, concluding at 11,878.71. The market experienced a mild downturn, influenced by global market trends and investor sentiment.
In Singapore, the STI Index, represented by ^STI, witnessed a decrease of 7.66 points or 0.24 percent, concluding at 3,187.56.
In India, the S&P BSE SENSEX, represented by ^BSESN, recorded a gain of 122.75 points or 0.20 percent, settling at 62,969.13, while the NIFTY 50 index in India, represented by ^NSEI, gained 35.20 points or 0.19 percent, settling at 18,633.85. The market displayed a cautious uptrend, influenced by domestic economic indicators and global cues.
Meanwhile, the IDX COMPOSITE index in Indonesia, denoted by ^JKSE, experienced a decrease of 44.68 points or 0.67 percent Tuesday, closing at 6,636.42.
In Malaysia, the FTSE Bursa Malaysia KLCI, represented by ^KLSE, witnessed a decline of 0.57 percent, settling at 1,396.91. The index faced selling pressure amid concerns over the global economic outlook.
In South Korea, the KOSPI Composite Index, denoted by ^KS11, displayed a positive performance. The index gained 26.71 points or 1.04 percent, closing at 2,585.52. The market benefited from favorable economic data and positive sentiment.
Taiwan's TSEC weighted index, represented by ^TWII, experienced a minor decline of 13.56 points or 0.08 percent, settling at 16,622.74. The market showed relative stability amidst global market uncertainties.
Elsewhere, the S&P/TSX Composite index, representing the Canadian market, closed at 19,739.70, registering a decline of 228.25 points or 1.14 percent. The index saw a trading volume of approximately 176.191 million shares.
In Latin America, the IBOVESPA, representing the Brazilian stock market, closed at 109,132.50, witnessing a decrease of 1,200.90 points or 1.09 percent Tuesday.
The IPC MEXICO, which tracks the Mexican market, closed at 53,337.92, declining by 874.75 points or 1.61 percent. The trading volume for this index stood at approximately 531.013 million shares.
The S&P/CLX IPSA, reflecting the performance of the Chilean stock market, closed at 5,058.88, showing no change and remaining flat at 0.00 percent.
In Israel, the TA-125 index, represented by ^TA125.TA, reported a decrease of 11.74 points or 0.66 percent, concluding at 1,760.54. The market faced selling pressure, influenced by global economic concerns and domestic factors.
In Egypt, the EGX 30 Price Return Index, denoted by ^CASE30, witnessed a gain of 322.80 points or 1.88 percent, closing at 17,534.60. The market showed positive momentum, supported by strong investor sentiment and favorable economic conditions.
The Top 40 USD Net TRI Index, which reflects the performance of the South African market, concluded the day at 3,868.12, down 42.66 points or 1.09 percent.