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Memorial Day and the stock market

As the American public mourns and mourns those who have died in military service, Wall Street will pause Monday for Memorial Day holiday.

there will be nothing stock trading The US stock market will be closed.

The US bond market will also be closed, so there will be no trading in US Treasuries.

The London Stock Exchange across the pond is also closed on Mondays for a public holiday.

Tentative deal to raise debt ceiling reached as default deadline looms

President Joe Biden and House Speaker Kevin McCarthy have reached a “deal in principle” to resolve the looming debt crisis. (Chip Somodevilla/Kent Nishimura/Los Angeles Times/Getty Images)

Futures markets will be among the first to react to news over the weekend that Democrats and Republicans reached a tentative ‘deal in principle’ to raise the debt ceiling on Saturday night and avoid a possible US default. right.

The shortened schedule is as follows.

  • Stock futures trading until 1:00 p.m.
  • Metals futures stop at 2:30 p.m.
  • Energy futures trading ends at 2:30 p.m.

Treasury auctions suggest June 1 debt ceiling deadline may be open

President Biden and House Speaker Kevin McCarthy (R-California) met on the phone Saturday night to reach a debt ceiling deal.

A person familiar with the negotiations told Fox News that the deal includes: 2-year budget agreement and raise the debt ceiling for two years. Flat spending through 2024, with caps in 2025.

House Speaker Kevin McCarthy

House Speaker Kevin McCarthy speaks to media representatives after arriving at the Capitol on May 26, 2023. (Wynn McNamee/Getty Images/Getty Images)

Non-defense spending will be broadly flat in 2024 from its current (FY2023) level, given the agreed spending adjustments.

Medicaid hasn’t changed.

The SNAP changes ease work requirements for veterans and homeless people, while raising the work age from 49 to 54.

Wall Street ended the week on a high, aided by tech stocks.

After a week of fears about high inflation, the risk of US debt default and generally weak corporate earnings, it ended higher.

Kathy Wood explains why NVIDIA stock skyrocketed and the role of ‘real’ AI

ticker safety last change change %
Me: DJI dow jones average 33093.34 +328.69 +1.00%
SP500 S&P500 4205.45 +54.17 +1.30%
I:Comp NASDAQ Composite Index 12975.687543 +277.59 +2.19%

The S&P 500 rose 54.17 points (1.3%) to close at 4,205.45, ending the week up 0.3%.

The Dow Jones Industrial Average rose 328.69 points, or 1 percent, but still ended the week down 1 percent.

The tech-rich Nasdaq rose 277.59 points, or 2.2%, to record the biggest gain of 12,975.69. The index rose 2.5% for the week as artificial intelligence became a big focus for investors.

American flag outside the New York Stock Exchange

The American flag flutters outside the New York Stock Exchange. (Reuters/Lucas Jackson/Reuters Photo)

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Marvell Technology surged a record 32.4% after the chipmaker said it expects its AI revenue to at least double the previous year’s in fiscal 2024.

It follows fellow chip maker Nvidia’s report on Thursday, which gave big predictions for future AI-related revenue.

Investors have another busy week ahead of economic updates, including more data on consumer confidence and employment.

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