On Friday morning, the S&P 500 moved a little bit higher as Wall Street kept an eye on the debt ceiling scenario.
The Dow Jones Industrial Average futures rose 20 points, or 0.06%, while the Nasdaq 100 and S&P 500 futures each up by 0.14% and 0.19%, respectively.
After the off-price retailer reported earnings that were better than expected but revealed a cautious outlook, shares of Ross Stores inched lower in overnight trade. Applied Materials lost 1.4% or so despite better-than-expected earnings.
The S&P 500 and Nasdaq Composite both had gains during the previous trading session, rising by 0.94% and 1.51%, respectively, to close at their best levels since August. More than 115 points, or 0.34 percent, were added to the Dow Jones Industrial Average.
The major averages saw gains on Thursday, with the Nasdaq up 3.3% and the S&P on track to end 1.8% higher. Both are expected to have their best week since March 31. By 0.7%, the Dow is up.
Investors were interested in news on the debt ceiling as June 1, the earliest day the United States might default, rapidly approaches. House Speaker Kevin McCarthy’s remarks on Thursday seemed to imply that a potential agreement might be reached as early as next week.
According to Yung-Yu Ma, chief financial strategist at BMO Wealth Management, “there is some uncertainty about when the government will be unable to meet its obligations in terms of running out of money.” “So, while it’s still risky, we think the markets will ultimately see a result that is not too damaging to them, at least over the long term.”
Friday’s reports from Deere and Foot Locker will continue the tail end of earnings season before the bell.
Friday has few economic data points, but Jerome Powell, the chairman of the Federal Reserve, and John Williams, the president of the New York Fed, are scheduled to speak.