{"id":9545,"date":"2023-05-16T14:55:59","date_gmt":"2023-05-16T18:55:59","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/dow-futures-rise-120pts-debt-ceiling-optimism-boosts-market\/"},"modified":"2023-05-16T14:55:59","modified_gmt":"2023-05-16T18:55:59","slug":"dow-futures-rise-120pts-debt-ceiling-optimism-boosts-market","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9545","title":{"rendered":"Dow futures rise 120pts; debt ceiling optimism boosts market"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com — U.S. stocks are seen opening higher Monday on optimism of progress in lifting the country\u2019s debt ceiling, but gains are limited given ongoing concerns about the overall health of the economy.<\/p>\n

At 06:50 ET (10:50 GMT), the contract was up 120 points or 0.4%, traded 16 points or 0.4% higher, and climbed 35 points or 0.3%.<\/p>\n

Negotiations between the two political parties over the potential lifting of the country\u2019s debt ceiling are set to resume this week, and optimism of a deal is growing after President Joe Biden expressed confidence over the weekend.<\/p>\n

“I remain optimistic because I’m a congenital optimist,” Biden said. He said he believed there was a desire on both sides to reach an agreement. “I think we\u2019ll be able to do it.\u201d<\/p>\n

The debate around raising the borrowing limit before the country is forced to default is likely to trigger some sharp swings in equity markets, according to Morgan Stanley analyst Michael Wilson, in a note.<\/p>\n

Most clients \u201cbelieve it will ultimately get resolved, but not without some near-term volatility,\u201d he added.<\/p>\n

The blue-chip and the broad-based recorded back-to-back weekly losses last week, on concerns that the Federal Reserve\u2019s year-long aggressive tightening cycle will send the economy into recession.<\/p>\n

The lifted interest rates once more earlier this month, and it may need to continue doing so if inflation stays high, Fed Governor said on Friday, adding that key data so far this month has not convinced her that price pressures are receding.<\/p>\n

The main economic release scheduled for Monday is the for May, but the week also sees , data and the weekly .<\/p>\n

Fed Chair is set to participate in a panel discussion on monetary policy in Washington on Friday, while other Fed officials scheduled to make appearances during the week include New York Fed President , Cleveland Fed Governor and Minneapolis Fed President .<\/p>\n

In corporate news, Newmont (NYSE:) is likely to be in the spotlight Monday after Australia\u2019s Newcrest Mining (ASX:) said it would back the U.S. gold miner\u2019s approximate $18 billion takeover offer.<\/p>\n

Crude prices edged higher Monday, helped by weakness, but overall sentiment remains weak given concerns over economic weakness in the top two global oil consumers, the United States and China.<\/p>\n

By 06:50 ET (10:50 GMT), futures were 0.3% higher at $70.28 a barrel, while the contract edged up by 0.2% to $74.34 per barrel.<\/p>\n

The U.S. currency retreated in early trading Monday, making dollar-denominated commodities, including crude, cheaper for holders of other currencies.<\/p>\n

However, both benchmarks fell last week for a fourth consecutive week, the longest streak of weekly declines since September 2022, on worries over an uneven re-opening in China while the U.S. faces a potential recession.<\/p>\n

Additionally, were up 0.1% to $2,021.15\/oz, while traded 0.3% higher at 1.0875.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — U.S. stocks are seen opening higher Monday on optimism of progress in lifting the country\u2019s debt ceiling, but gains are limited given ongoing concerns about the overall health of the economy. At 06:50 ET (10:50 GMT), the contract was up 120 points or 0.4%, traded 16 points or 0.4% higher, and […]<\/p>\n","protected":false},"author":1,"featured_media":9546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-9545","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nDow futures rise 120pts; debt ceiling optimism boosts market | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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