Global Courant 2023-05-19 03:15:42
Traders on the floor of the NYSE, May 6, 2022.
Source: NYSE
Stock futures rose in overnight trading Thursday as Wall Street continued to monitor the debt ceiling situation.
Futures linked to the Dow Jones Industrial Average 50 points added, or 0.15%, while S&P 500 And Nasdaq-100 futures gained 0.3% and 0.5% respectively.
Shares of Ross stores oscillated near the flat line in overnight trading after the off-price retailer beat earnings but shared cautious outlook. Applied materials lost about 1.5% despite a drop in profits.
Stocks are coming out of a positive session where the S&P 500 And Nasdaq composite jumped 0.94% and 1.51% respectively, reaching their highest closing price since August. The Dow Jones Industrial Average rose more than 115 points, or 0.34%.
Thursday’s moves boosted weekly gains from key averages, with the Nasdaq up 3.3% and the S&P 500 on track to finish 1.8% higher. Both are on their way to their best weekly performance since March 31. The Dow is up 0.7%.
News related to the debt ceiling caught investors’ attention as June 1, the earliest day the US could default, is fast approaching. Remarks from House Speaker Kevin McCarthy on Thursday seemed to suggest a potential deal could come as early as next week.
“There is some uncertainty about when the government will be unable to meet its obligations if the money runs out, so that creates some uncertainty,” said Yung-Yu Ma, chief strategist at BMO Wealth Management. “And so it’s still a high-risk environment, but one that we think will ultimately produce an outcome that isn’t too detrimental to the markets — at least over the long term.”
The end of earnings season continues Friday with results of Deere And Foot Locker before the bell.
Friday marks a light day for economic data, though comments from Federal Reserve Chairman Jerome Powell and New York Fed President John Williams are on deck in the morning.
(TagsToTranslate)Dow Jones Industrial Average
