Ulta Beauty IncULTA.O plummeted after the cosmetics retailer cut its annual operating margin forecast. After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to increase the government's $31.4 trillion debt limit for two years, while capping spending on most items, a U.S. official told Reuters. Data showed U.S. consumer spending increased more than expected in April and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month.