Investors Brace for Debt Ceiling Meeting and Inflation Data.

Dow Jones futures fell ahead of President Biden's meeting with congressional leaders on the debt ceiling. Treasury Secretary Janet Yellen warned of "economic catastrophe" if the United States failed to raise its debt ceiling in the coming weeks. On the earnings front, Palantir reported Q1 earnings and revenue that topped Wall Street targets, while PayPal's Q1 earnings, revenue, and total payment volume beat views but the stock dipped as analysts mulled the size of the company's raised 2023 outlook. Inflation data will be keenly watched throughout May, after the Federal Reserve last week hinted at a possible pause in June to the rate-hike regimen that is slowing inflation but aggravating financial sector instability. The stock market rally is still under pressure as the S&P 500, Nasdaq, and Dow held support at their 50-day moving averages despite distribution days piling up over the past two weeks.