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(CNBC) -- Stocks closed lower Tuesday as investors readied for key inflation reports due later in the week and progress on the U.S. debt limit.
The S&P 500 pulled back by 0.46% to 4,119.17, and the Nasdaq Composite dropped 0.6% to 12,179.55. The Dow Jones Industrial Average traded flat with a 0.17% decline at 33,561.81.
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President Joe Biden is hosting a meeting with House Speaker Kevin McCarthy Tuesday afternoon. Both sides have cautioned that the meeting is simply a chance to have a conversation, with definitive progress on raising the debt limit unlikely. Biden and McCarthy remain at odds over the House Speaker’s demand that a deal on raising the debt ceiling be tied to spending cuts. Biden maintains raising the debt ceiling is non-negotiable.
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