Global Courant
Traders on the floor of the NYSE, August 4, 2022.
Source: NYSE
Stock futures were mixed Thursday morning after the U.S. House advanced the debt ceiling bill in a crucial move to avoid a U.S. bankruptcy, taking it to the Senate just days before the default deadline.
Futures on the Dow Jones Industrial Average were close to the flatline. S&P 500 futures were up 0.14% and Nasdaq 100 futures were also flat.
The market ended the month of May marked by a dramatic rally in AI-related stocks.
Nordstrom rose 7% in extended trading after sales in the fiscal first quarter beat Wall Street expectations. Sales team Shares fell about 6% after the software company raised its full-year forecast but reported higher-than-expected capital expenditures.
The Nasdaq composite ended May with a gain of 5.8% as enthusiasm around AI-related stocks continued to boost. Chip maker Nvidia rose 36% in May and briefly hit a $1 trillion market cap this week. Alphabet, meta And Amazon all rose by at least 10% during the month.
Outside of technology, however, profits were hard to come by. The S&P 500 rose 0.3% in the month, while the blue-chip Dow fell nearly 3.5%, dragged down Nike, Walter Disney And Chevron.
“We have been impressed by the resilience of this market since its low point in March and have absorbed a relentless onslaught of negative sentiment and headlines,” said Craig Johnson, chief market technician at Piper Sandler.
In addition to the debt ceiling battle, investors are looking to the June 13-14 Federal Reserve policy meeting as another potential market catalyst. Philadelphia Fed President Patrick Harker said Wednesday that he is inclined to skip a rate hike at the upcoming meeting. However, he added that Friday’s salary report could change his mind.
A slew of economic data will be released on Thursday, including weekly jobless claims and the purchasing managers index.
