Global Courant 2023-05-31 03:04:21
Traders on the floor of the NYSE
Source: NYSE
Equity futures were flat Tuesday evening as investors watched the debate over the federal debt ceiling in Washington ahead of the last day of trading in May.
Futures linked to the Dow Jones Industrial Average fell 31 points, or about 0.1%. S&P 500 futures and Nasdaq 100 futures each fell less than 0.1%
The move in futures comes after a quiet trading day on Tuesday in which the Dow lost about 50 points while the Nasdaq Composite rose 0.3%.
Heading into the last trading day of May, the Nasdaq composite is up nearly 6.5% for the month. The S&P 500however, is up only about 0.9%, while the Dow decreased by 3.1%.
The tech-heavy Nasdaq’s outperformance is due in large part to the excitement surrounding artificial intelligence, which briefly pushed Nvidia‘s market cap above $1 trillion on Thursday.
However, many investors and Wall Street strategists are concerned that the market’s strength has been too limited.
“We don’t see any signs of broad participation. We don’t see any signs of early cyclicals on top of AI,” said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas.
One factor that has weighed on the market in recent weeks has been the battle over the debt ceiling. President Joe Biden and House Speaker Kevin McCarthy announced a deal this weekend to cap federal basic spending for two years and raise the debt ceiling, but the deal has not yet been ratified.
The tax responsibility bill appeared poised to overcome a major committee hurdle on Tuesday, with a full vote on the House floor expected Wednesday night, according to a tentative House voting schedule.
(TagsToTranslate)Dow Jones Industrial Average
