“Markets Rise as Debt Ceiling Resolution Optimism Increases; Inflation Data Impacts Gold and Cryptocurrencies”

Investing.com – U.S. stock indexes rose on Friday, as optimism about a resolution to the U.S. debt ceiling crisis increased.

It rose 334 points, or 1%. The S&P 500 rose 1%, advancing 1.4%.

Lucid Motors (NASDAQ:) rose 1.3% to $7.7.

While the inflation data, which was issued a short while ago, changed the course of gold, as it was in an upward frame, but it has now turned downwards. This is after the data also caused the dollar index to rise.

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What moves the markets?

House Speaker Kevin McCarthy left the Capitol Thursday night saying no deal had been reached yet. However, sources told CNBC that the White House and McCarthy are close to reaching an agreement that would raise the US debt ceiling for two years.

Meanwhile, Treasury Secretary Janet Yellen warned that the US could default on its debt as soon as June 1 if the debt ceiling is not raised.

“Liquidity drain, if the debt ceiling is raised, is the new concern now, however the impact on the markets remains unclear,” Barclays (LON:) analyst Emmanuel Cao wrote in a note on Friday.

While the S&P 500 and Nasdaq were coming off a strong session, rising 0.9% and 1.7%, respectively, on Thursday after stronger-than-expected earnings from NVIDIA led to a rise in semiconductor and artificial intelligence stocks as well as other technology companies. Nvidia shares jumped 24.4% in the session, ending at an all-time high.

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Important data

New data just released showed that the annual core PCE price index in the US rose to 4.7% in April against the consensus forecast of 4.6%.

While in March, the Fed’s preferred measure of inflation was at 4.6%.

On a monthly basis, the core PCE price index increased by 0.4% versus the expected 0.3% in April, according to data released by the US Department of Commerce just before.

Cathy Wood and NVIDIA

Investors in the “ARKK” investment fund lost the opportunity to reap the gains that the US company “Nvidia” has risen by nearly 160% since the beginning of the year.

The chipmaker has added nearly $560 billion to its market value since the Cathy Wood fund dumped its shares in early January, and the company made the last $200 billion of that increase in one day after the company’s quarterly results exceeded analysts’ expectations.

When the Cathy Wood fund was first created in 2014, the chipmaker represented one of the fund’s largest holdings, and NVIDIA contributed 13% of the total returns of 112% since the start of the investments, according to Bloomberg data.

markets now

It decreased by 0.15%, and is now recording $1,941.

While it settled at 1941 dollars an ounce.

It rose by 0.13%, at 104,308 points.

It rose 0.4% to $76.55 a barrel.

Texas crude lost nearly 0.6% to $72.3 a barrel.