GEI:CC - Debt Ceiling Talks Influence Market Wednesday
Stock futures rose Wednesday as investors awaited news of developments in the negotiations between congressional leaders and President Joe Biden on the U.S. debt ceiling.
Futures for the Dow Jones Industrials jumped 123 points, or 0.4%, at 33,184.
Futures for the S&P 500 tacked on 14 points, or 0.3% to 4,137.
Futures for the NASDAQ Composite added 28.75 points, or 0.2%, to 13,512.
The White House said Tuesday that Biden has directed staff to meet daily on outstanding issues. The president also canceled the second leg of an upcoming international trip given the negotiations, the White House said. House Speaker Kevin McCarthy said that a “better process” is now in place for further talks. He also said that it's “possible to get a deal by the end of the week.”
Tuesday's “meeting between President Biden and House Speaker McCarthy went as well as could have reasonably been hoped for,” wrote Citi chief U.S. economist Andrew Hollenhorst, in a note. “We continue to expect a long-term debt ceiling deal.”
Disappointing quarterly revenue and a lower forecast for full-year performance from Dow member Home Depot also soured investor sentiment in Tuesday's session. On the economic front, April retail sales were weaker than anticipated by economists polled by Dow Jones.
In addition to tracking any updates on debt ceiling negotiations, investors will watch for data on housing starts and building permits on Wednesday.
In Japan, the Nikkei 225 gained 0.8%, while in Hong Kong, the Hang Seng dumped 2.1%.
Oil prices acquired 18 cents to $71.04 U.S. a barrel.
Gold prices deducted $1.40 to $1,991.60 U.S. an ounce.