Good morning traders!
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
U.S. stock futures rose on Monday as investors remained hopeful for a resolution in the debt-ceiling standoff. Talks between President Joe Biden and congressional leaders are set to resume on Tuesday after being postponed. Treasury Secretary Janet Yellen mentioned progress in the discussions and plans to meet with senior bankers. JPMorgan Chase CEO Jamie Dimon warned of potential market panic if the debt limit is not raised in time. Wall Street is cautious about potential volatility in the equity market due to the debt-limit debate. Earnings season continues with notable companies such as Walmart, Target, Home Depot, Alibaba, and Tencent reporting. Government bond yields and the dollar index showed movements. Additionally, pipeline operator ONEOK’s agreement to acquire Magellan Midstream Partners led to a rally in Magellan’s shares.
Monday Economic Events:
Empire State Mfg Index 8:30am ET
Treasury Int. Capital 4:00pm ET
Fed Speaker Scheduled:
Raphael Bostic 8:45am ET
Neel Kashkari 9:15am ET
Tom Barkin 12:30pm ET
Lisa Cook 5:00pm ET
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