ABST:CC - Debt Ceiling Talks Halted

Stocks fell Friday, GOP negotiators halted ongoing debt ceiling negotiations, stoking doubt of a deal being reached soon.

The Dow Jones Industrials changed course and actually fell 124.3 points to reach noon hour EDT at 33,411.61.

The S&P 500 descended 7.49 points to 4,190.56.

The NASDAQ subtracted 33.65 points to 12,655.19.

Those moves come after GOP negotiators on Friday walked out of a debt ceiling meeting, with Rep. Garret Graves saying the White House team is “unreasonable,” according to NBC News. “We're not going to sit here and talk to ourselves,” Graves said.

Friday's losses were kept in check, however, after Federal Reserve Chairman Jerome Powell said interest rates may not have to rise as much as expected to quell inflation.

The major averages remained on trad for weekly gains. The S&P 500 is up 1.7% week to date. That would be its biggest one-week advance since March. The NASDAQ, meanwhile, has risen 3.1% for the week. That would also be its best weekly performance since March. The Dow is up 0.4%.

A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.

Nevertheless, SoFi's Liz Young advised caution for investors, saying there are troubling signs ahead even as stocks continue to trade in a tight range in search of a catalyst.

Prices for the 10-year Treasury skidded bit, raising yields to 3.66% from Thursday's 3.65%. Treasury prices and yields move in opposite directions.

Oil prices docked 17 cents to $71.77 U.S. a barrel.

Gold prices recovered $16.50 to $1,976.30 U.S. an ounce.