A trader work on the floor of the New York Stock Exchange (NYSE) in New York City, May 24, 2023.
Brendan McDermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. Time for a holiday
Talk about a well-timed holiday weekend. The three major indices have had a mixed week so far, with the S&P 500 and Dow both down, while the Nasdaq is up slightly after Nvidia’s encouraging earnings report. The debt ceiling isn’t settled yet (more below), and investors will be glad to see a deal before markets open again on Tuesday. Markets will also get a chance to chew over new economic data, including personal income and consumer spending, as many get ready for three days off for Memorial Day. Follow live market updates.
2. Closer to a deal
US Speaker of the House Kevin McCarthy, a Republican of California, speaks to the press about the debt ceiling negotiations in Statuary Hall at the US Capitol in Washington, DC, on May 24, 2023.
Saul Loeb | AFP | Getty Images
Negotiators in Washington remain locked in talks over the debt ceiling, and there are signs a deal could be close. Reuters reported that the White House and House Speaker Kevin McCarthy’s team are putting the finishing touches on an agreement that would raise the debt ceiling for two years while putting a cap on spending, except when it comes to funds for the military and seniors. Any deal still needs to pass through Congress, and the Treasury has warned the U.S. could run out of money to pay its bills as soon as next Thursday.
3. Supercharged partnership
Jim Farley and Elon Musk
Getty Images
In a unique turn of events, Ford CEO Jim Farley and Tesla CEO Elon Musk joined each other for a Twitter Spaces discussion Thursday. The eyebrow-raising conversation turned out to be a forum for the two executives to announce a partnership that will allow Ford’s growing slate of electric vehicles to use Tesla’s charging network. And it could turn out to be a pivotal moment for the United States…
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