Good morning traders! We hope everyone enjoyed the long holiday weekend.
The S&P 500 ($SPY) is trading above Friday’s close. Let’s get into it…
Stock futures edged higher Tuesday morning as investors remain hopeful that the debt-ceiling deal would pass through Congress soon. The focus is now on the crucial step of getting the debt-ceiling deal passed by lawmakers to avoid a harmful default. President Joe Biden and House Speaker Kevin McCarthy reached a tentative agreement to raise the debt ceiling and on the budget, following weeks of negotiations that caused market uncertainty. The agreement faces a test in the House Rules Committee on Tuesday before the expected House vote on Wednesday and further consideration in the Senate. Failure to raise the debt ceiling by June 5, known as “X Day,” could lead to the first-ever default in US history.
The US jobs report for May, set to be released on Friday, will be closely watched for insights into the Federal Reserve’s interest rate decisions. Economists expect a decrease in payroll additions compared to April. NVIDIA Corporation shares rise over 3% premarket after unveiling new AI-related products and services. Other AI-linked stocks, such as Palantir Technologies Inc., Advanced Micro Devices, Inc., and C3.ai Inc., also experienced gains in pre-market trading.
Tuesday Economic Events:
Redbook Sales 8:55 am
Case-Shiller Home Price Index 9:00 am
FHFA House Price Index 10:00 am
Consumer Confidence 10:00 am – High Volatility Expected
Dallas Fed Manufacturing Survey 10:30 am
API Crude Oil Data 4:30 pm
Fed Speaker Scheduled:
Tom Barkin 1:00 pm
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