U.S. Futures are inching higher this morning as traders react positively to the developments on the U.S. debt limit deal. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.64%, 0.37%, and 0.16%, respectively, at 4:00 a.m., EST, May 30. U.S. markets will resume today after a three-day break.
The deal to raise the $31.4 trillion debt ceiling needs bipartisan support before being signed by the President. Reports state that a handful of hard-right Republican lawmakers are opposing the deal, with Congress likely to vote on it this Wednesday.
Once the U.S. debt default scenario is behind us, traders will eye May’s employment report and April JOBS data, due later this week. These economic datasets would give us a clue into the Federal Reserve’s next interest rate decision.
Meanwhile, chip maker Nvidia (NASDAQ:NVDA) continues to capitalize on the AI boom with the launch of its new large-memory AI supercomputer, the NVIDIA DGX GH200, aimed at building generative AI models, which could make anyone a programmer.
On the earnings front, personal computer manufacturer HP Inc. (NYSE:HPQ), Hewlett Packard Enterprise (NYSE:HPE), and Victoria’s Secret (NYSE:VSCO) will report today.
European indices are trading mixed today following news that some Republican lawmakers may find it difficult to approve the U.S. debt ceiling deal. Further, the British Retail Consortium released figures for U.K. shop price inflation, which reached a record-high growth of 9% year-over-year in May.
Asia-Pacific Markets End Mixed
Asia-Pacific indices ended the trading session mixed today, following updates on the U.S. debt ceiling deal. Notably, Japan’s unemployment rate fell marginally to 2.6% in April.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended the day up by 0.24%, 0.08%, and 0.44%, respectively.
At the same time, Japan’s Nikkei ended up by 0.30%, marking a new high of the last three decades, while the Topix index ended marginally down by 0.06%.
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