Why Have Stocks Hit Multi-Month Highs?
What’s in Today’s Report:
- Why Have Stocks Hit Multi-Month Highs?
- Weekly Market Preview: Real Debt Ceiling Progress is Needed This Week
- Weekly Economic Cheat Sheet: Flash PMIs and Core PCE the Key Reports This Week
Futures are little changed despite a lack of progress on the debt ceiling and an increase in trade tensions between the U.S. and China over the weekend.
There was no progress on the debt ceiling over the weekend although Biden and McCarthy will meet again today to resume negotiations.
China banned the use of Micron (MU) chips in what is yet another escalation in U.S./China trade tensions.
Today focus will be on the debt ceiling and markets will want to hear positive and optimistic commentary from Biden and McCarthy, as the potential “X” date of June 1st is now less than 10 days away.
There are also multiple Fed speakers today, including Bullard (8:30 a.m. ET), Logan (9:00 a.m. ET), Barking & Bostic (10:50 a.m. ET) and Daly (11:05 a.m. ET), but given Powell on Friday reiterated the Fed has likely paused, their comments shouldn’t move markets.
