US pre-open: Stocks seen touch higher amid debt deal hopes

By

Sharecast News | 19 May, 2023

US stock futures pointed to a marginally higher open on Wall Street on Friday amid growing hopes a deal will be struck to avert a debt default.

At 1150 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.1%, while Nasdaq futures were flat, after House Speaker Kevin McCarthy suggested that a debt ceiling deal could come as soon as next week.

Tickmill Group market analyst James Harte said: "Optimism over a potential US debt-ceiling deal is creating a positive backdrop for the stock which should move firmly higher if a deal is confirmed.

"Beyond this issue, the focus will then be on the Fed."

With this in mind, investors will be eyeing a speech by Federal Reserve chair Jerome Powell at a conference in Washington later in the day for any clues on monetary policy.

In corporate news, agricultural machinery manufacturer Deere & Co rallied in pre-market trade after it lifted its annual profit outlook.

Sportswear retailer Footlocker was likely to be in focus after first-quarter earnings.

Disney shares could be active after it said it was cancelling plans to invest nearly $1bn to build a new corporate campus in Florida amid a feud with governor Ron DeSantis.

Last news