the dow fell 255.59 points, or 0.77%, to close at 32,799.92. He S&P 500 lost 0.73% to close at 4,115.24, while the Nasdaq Composite it fell 0.61% to settle at 12,484.16.

House Speaker Kevin McCarthy told a late-morning news conference that negotiators remain at loggerheads over spending limits and blamed Democrats for coming to the table so late in the process. McCarthy also said that he believes that the bargaining teams could advance Wednesday.

“I just think it’s common sense. It’s reasonable and rational that we spend less next year than we did this year. Every household would do this,” he said.

Treasury Secretary Janet Yellen previously warned lawmakers that a potential default in early June is “highly likely.” She noted Wednesday that she already sees “some stress in financial markets” as concerns mount that the United States could see its first default in history.

The market remains in “reversal mode” due to a combination of overbought conditions and heightened fears of an unfavorable debt ceiling outcome as June 1 approaches, said Adam Sarhan, chief executive officer of 50 Park Investments.

“When fear takes over, investors tend to sell first and ask questions later, and that’s what we could be seeing,” he said.

Stocks held near their lows even as the minutes of the last Federal Reserve meeting were released. noted more “uncertainty” as to whether the central bank should raise again in June.

The minutes indicated that the decision to raise rates at the next meeting would ultimately depend on the next data releases.

The end of the results season was prolonged with Kohl’s and Abercrombie & Fitch appearing 7.5% and 31.1%, respectively, after posting surprise benefits. semiconductor giant nvidia posts results Wednesday after the bell.

Read today’s market coverage in English here.