Stocks fell Wednesday as investors continued to monitor congressional debates on the U.S. debt-ceiling deal in the final trading day of May. The Dow Jones Industrial Average dropped over 100 points, while the S&P 500 and Nasdaq Composite were both about 0.6% lower.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -0.61% or -25.69 points to 4,179.83

Dow Jones Industrial Average (DIA  ): -0.41% or -134.51 points to 32,908.27

Nasdaq Composite Index (QQQ  ): -0.63% or -82.14 points to 12,935.29

President Joe Biden and House Speaker Kevin McCarthy reached a deal on raising the U.S. debt ceiling over the weekend, with the bill advancing to the House floor following a 7-6 vote in the House Rules Committee Tuesday night. The floor vote on the bill is expected to take place Wednesday night.

Congress must pass the bill to avoid a U.S. default by June 5, which is the so-called June X-date when the nation will run out of funding to cover its debts, estimated by Treasury Secretary Janet Yellen last week.

Wednesday's moves marked the end of trading for the month of May, with the Nasdaq climbing 5.8% higher as a tech-rally fueled by AI-related stocks helped propel the index higher. The S&P 500 added about 0.3% for the month, while the Dow fell almost 3.5% as Nike (NKE  ), Disney (DIS  ), 3M (MMM  ), Walgreens (WBA  ) and Chevron (CVX  ) each lost over 10% on the month.

The latest U.S. job openings and labor turnover survey (JOLTS) was under the spotlight on Wednesday, with openings increasing to more than 10 million in April from 9.6 million in March. Economists polled by Bloomberg expected openings to decline to about 9.4 million for the month.

Elsewhere, China's factory activity signaled contraction in May with a reading of 48.8, marking its second straight month of declines. The report also serves as another sign that the nation's post-pandemic economic recovery is slowing.

In single-stock news, Citi analyst Atif Malik wrote in a note on Wednesday that investors looking to play generative artificial intelligence (AI) should "stay long" on Nvidia (NVDA  ) as its recent string of product announcements should contribute to the chipmaker's growth overtime.

"We estimate all three announcements depict NVIDIA's effort to lean on its existing AI accelerator dominance to establish a robust presence in what is potentially for the company a mostly untapped combined accelerated computing TAM of $1T+ going from AI networking to the largely CPU-centered server market," he wrote.

Looking ahead, market participants will look for more details on the debt-ceiling vote ahead of the upcoming default deadline.