Stocks fell Wednesday as investors kept an eye on the federal debt ceiling debate in Washington in the final trading day of May.

The Dow Jones Industrial Average traded 274 points lower, or 0.8%. The S&P 500 dipped 0.9%, pulling the index at one point into negative territory for the month. The Nasdaq Composite pulled back by 0.7%.

The deal, which was reached over the weekend by President Joe Biden and House Speaker Kevin McCarthy, cleared a major test Tuesday night after advancing to the House floor following a 7-6 vote in the House Rules Committee. The floor vote is expected to take place around 8:30 p.m. ET Wednesday.

“I think we have the votes to pass this today,” said Rep. Patrick McHenry, a GOP negotiator on the debt deal, on CNBC’s “Squawk Box” Wednesday morning.

Sam Stovall, chief investment strategist at CFRA Research, said a debt ceiling deal will likely pass before the U.S. would default, but investors are wondering if more changes and time are needed before an official agreement can be reached. Once a bill is approved, he said market participants will shift focus to the June Federal Reserve policy meeting.