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US stocks tumble on debt ceiling uncertainty

The Wall Street indexes were down on Tuesday as negotiations to raise the US debt ceiling continued, putting investors on edge about the possibility of a historically large government default.

According to S&P Global statistics, the US economy experienced significant growth in the services sector in May, driving business activity to a 13-month high. Broadcom Inc. gained 2.5%, Apple’s stock dropped 0.9%, and Zoom Video Communications saw a 7.6% decline.

The Nasdaq Composite was down 41.50 points, or 0.33%, at 12,679.28, the S&P 500 was down 13.15 points, or 0.31%, and the Dow Jones Industrial Average was up 3.48 points, or 0.01%, at 33,290.06.

The annual comparable sales prediction for Lowe’s Companies Inc was lowered, and BJ’s Wholesale Club Holdings Inc saw a 6.9% decline. Shares of local lenders continued to soar from the previous session, PacWest Bancorp’s 14.5% gain serving as a catalyst.

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