Good morning traders and investors of the r/stocks sub! Welcome to the final trading day of May and a fresh start! Here are your pre-market stock movers & news on this Wednesday, May the 31st, 2023-
Stock futures fall as traders await debt ceiling progress in Washington: Live updates
Stock futures were lower Wednesday as investors kept an eye on the federal debt ceiling debate in Washington ahead of the final trading day of May.
Futures tied to the Dow Jones Industrial Average dipped 33 points, or about 0.1%. S&P 500 futures slid 0.15%, and Nasdaq-100 futures were down 0.17%.
The move in futures comes after a muted day of trading on Tuesday that saw the Dow shed about 50 points while the Nasdaq Composite rose 0.3%.
Heading into the final trading day of May, the Nasdaq Composite is up nearly 6.5% for the month. The S&P 500, however, is up only about 0.9%, while the Dow has fallen 3.1%.
The outperformance of the tech-heavy Nasdaq is due in large part to the excitement around artificial intelligence, which briefly pushed Nvidia’s market cap above $1 trillion on Tuesday. However, many on Wall Street are worried that the market’s strength has been too narrow.
“We’re not seeing any signs of broad participation. We’re not seeing signs of early cyclicals on top of A.I.,” said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas.
One factor that has weighed on the market in recent weeks is the fight over the debt ceiling. President Joe Biden and House Speaker Kevin McCarthy announced a deal over the weekend to cap federal baseline spending for two years and raise the debt ceiling, but the agreement has not yet been ratified.
The deal cleared a major test Tuesday night after advancing to the House floor following a 7-6 vote in the House Rules Committee. The floor vote is expected to take place around 8:30 p.m. ET Wednesday.
“I think we have the votes to pass this today,” said Rep. Patrick McHenry, a GOP negotiator on the debt deal, on CNBC’s “Squawk Box” Wednesday morning.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
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STOCK SYMBOL: (TO BE POSTED LATER THIS MORNING.)
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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