Good morning traders!
The S&P 500 ($SPY) is trading near Friday’s close. Let’s get into it…
US stock futures declined ahead of Tuesday’s opening bell following the debt-ceiling talks between President Joe Biden and House Republican Speaker Kevin McCarthy, which ended without a deal but with an optimistic tone. Treasury yields moved higher, raising concerns as the possibility of a debt default draws closer. The countdown to the June 1 “X-date” has left investors on edge, with Treasury Secretary Janet Yellen warning of a likely default. Also today, investors will be watching S&P Global flash readings on US manufacturing and services PMIs, as well as a report on new home sales readings.
During today’s trading session, Yelp Inc. saw a rally after activist investor TCS Capital Management confirmed its stake and urged the company to explore strategic alternatives. Lowe’s Companies Inc. shares slipped after the company cut its full-year sales forecast due to lower demand impacted by high inflation. Dick’s Sporting Goods shares rose after reporting strong first fiscal quarter sales and earnings. Zoom Video Communications shares increased after beating expectations for its fiscal first quarter results and raising its full-year guidance. Pfizer Inc. shares advanced following positive weight-loss results from a study on the company’s oral diabetes treatment. BJ’s Wholesale Club Holdings shares ticked down after reporting revenue below analysts’ expectations.
Tuesday Economic Events:
Redbook Sales 8:55am ET
PMI Composite Flash 9:45am ET – High Volatility Expected
New Home Sales 10:00am ET – High Volatility Expected
Richmond Fed Mfg Index 10:00am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Lorie Logan 9:00am ET
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