NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

U.S. stocks mixed as House takes up debt ceiling deal and Nvidia soars

Published 2023-05-30, 10:08 a/m
© Reuters.
XAU/USD
-
US500
-
DJI
-
NVDA
-
LUV
-
GC
-
LCO
-
CL
-
UAL
-
IXIC
-
AAL
-

Investing.com -- U.S. stocks were mixed after a tentative deal to raise the debt ceiling and a surge for Nvidia helped lift tech stocks.

At 9:47 ET (13:47 GMT), the Dow Jones Industrial Average fell 97 points or 0.3%, while the S&P 500 was up 0.4% and the NASDAQ Composite was up 1%.

Lawmakers were racing to finalize the debt ceiling deal, which includes limits on the growth of nondefense spending and the reclaiming of unused funds allocated to combat COVID-19. Congress has until early June to raise or suspend the limit – which the agreement will do until early 2025 – or the government risks defaulting on its debt payments.

The deal is not winning over everyone, however, setting up for a fight in the House this week. Some Republican members say they won’t support it because it doesn’t cut enough. Some Democrats have expressed reservations about provisions such as new work requirements to receive certain food assistance and other benefits.

Shares of chip maker NVIDIA Corporation (NASDAQ:NVDA) jumped 6% after it unveiled a new set of products around artificial intelligence, including a new AI supercomputer to help meet demand from customers. Its stock valuation has reached $1 trillion, soaring since last week, when it predicted a huge surge in revenue from AI-related business.

The Transportation Security Administration said it screened 9.8 million people traveling through airports from Friday through Monday, beating the holiday weekend from 2019, before the pandemic. Shares of American Airlines Group (NASDAQ:AAL) rose 1.9%, while shares of United Airlines Holdings Inc (NASDAQ:UAL) rose 1.8% and Southwest Airlines Company (NYSE:LUV) shares rose 0.9%.

It’s a big week for job market data, with the job openings report coming out on Wednesday and the government’s comprehensive report on employment for May expected out Friday morning.

The Federal Reserve will be studying the data as it prepares to meet next month to decide the next move on interest rates. Futures traders are putting a 65% probability on the Fed raising rates another quarter of a percentage point in June.

Oil was falling. Crude Oil WTI Futures were down 3.1% to $70.42 a barrel, while Brent Oil Futures were down 3.1% to $74.67 a barrel. Gold Futures were up 0.4% to $1,971.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.