President Joe Biden (left) and House Speaker Kevin McCarthy
Drew Angler | Getty Images News | Getty Images
Stock futures rose late on Monday after the Biden administration and Republican lawmakers reached a tentative deal to raise the U.S. debt ceiling.
linked to futures Dow Jones Industrial Average increased by 72 points, or 0.2%, while S&P 500 Index Futures rose 0.3%. Nasdaq 100 Futures rose 0.5%.
President Joe Biden and House Majority Leader Kevin McCarthy reached a deal over the weekend to raise the debt ceiling and avoid a default, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have given no indication that they plan to return to Capitol Hill early to work on the deal. Passage of the bill agreement requires the support of both Republicans and Democrats.
The agreement was reached just days before the so-called “X date” of June 5, the earliest date on which the U.S. Treasury could send out debt that the U.S. could default on. The original compromise was first announced Saturday night.
Protracted talks between the White House and congressional leaders have raised investor concerns about a possible default on U.S. debt. Wall Street has already been dealing with persistent inflation and a banking crisis this year.
Stocks closed higher on Friday. The Nasdaq Composite and S&P 500 rose last week. Markets were closed on Monday for Memorial Day.
Investors will also focus on Friday’s employment data for May, while the U.S. Bureau of Labor Statistics will release its survey of job vacancies and labor turnover for April on Wednesday.The company’s income comes from Hewlett-Packard and sales force Due on Tuesday and Wednesday respectively.