SQUAWK BOX, WEDNESDAY 31ST MAY, 2023

The bill to raise the U.S. debt ceiling clears the first hurdle in the House Rules Committee and faces a House floor vote tonight. Chinese manufacturing contracts further, reaching a five-month low while the services sector activity hits its slowest pace in four months. Asian markets slump as a result. The Nasdaq manages to cross the 13,000-point mark for the first time since August 2022, buoyed by an A.I. tech stock-inspired rally. The Dow, however, is set to post its first negative month in three. Sticking with tech, chip maker Nvidia briefly joins the trillion-dollar club, but falls back towards the end of the session with a market cap of $990bn.