“U.S. Stock Futures Rise After Debt Ceiling Agreement Reached: Market Update”

Investing.com – U.S. stock futures rose on Tuesday, after the Biden administration and Republican lawmakers reached a tentative agreement on raising the U.S. debt ceiling.

S&P 500 futures rose 0.6%, while index futures gained 1.3%. While the futures contracts linked to the industrial index did not move.

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However, Republican Representative Nancy Mays opposed the recent debt ceiling agreement struck between US President Joe Biden and House Speaker Kevin McCarthy over the weekend. This indicates that there is a trend in the House of Representatives that opposes the agreement, and therefore the settlement of the deal that was concluded may fail, which led to the decline of the dollar and the rise of gold during these moments of today’s trading.

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debt ceiling issue

President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid default over the weekend, when Congress is scheduled to vote on the legislation early Wednesday.

The agreement comes just days before the so-called “date X” of June 5, the earliest the Treasury Department indicated that the United States might default on debt obligations.

The long negotiations between the White House and congressional leaders have raised investor concerns about the possibility of a US debt default. Wall Street has already suffered from persistent inflation and banking crisis this year.

Futures were also helped by a pre-market rally of more than 3.8% by semiconductor maker Nvidia. The AI-related stock is approaching a $1 trillion market cap after shares jumped after its strong earnings report last week.

The shares closed higher on Friday. The Standard & Poor’s 500 index ended last week with gains.

Investors will also turn their attention to the May jobs data on Friday, while the April Employment Survey and Labor Turnover from the Bureau of Labor Statistics will be released on Wednesday. Corporate earnings from HP Inc and Salesforce are due on Tuesday and Wednesday, respectively.

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It rose by 0.85% to $1,979 an ounce.

While it rose by 0.8% to 1961 dollars an ounce.

On the other hand, it decreased by 0.26% to 103,870 points.

It fell by 1.65% to $75.83 a barrel.

Texas crude fell 1.4% to $71.64 a barrel.