US open: Stocks higher on debt ceiling optimism,

Wall Street's main market gauges were making modest gains on the back of positive headlines around the debt ceiling negotiations.

A further rise in the KBW Nasdaq Bank Index wasn't lost on traders either with the gauge adding 2.83% to 75.50.

At 1446 BST, the Dow Jones Industrial Average was advancing 0.37% to 33,136.99, alongside a 0.36% rise on the S&P 500 to 4,125.35, while the Nasdaq Composite was edging up 0.22% to 12,369.26.

James Harte, market analyst at Tickmill Group, said: "President Biden and Speaker of the House Kevin McCarthy met for the latest round of US debt ceiling talks yesterday. While both sides were seen showing a willingness to co-operate and achieve a deal, greenlighting staff-level negotiations, a resolution is yet to be agreed.

Nonetheless, in remarks to CNBC on Wednesday morning, US House of Representatives speaker Kevin McCarthy said he believed that ultimately a debt default would be avoided.

The night before, McCarthy had said the two sides remained far apart.

But he went on to add that: "It is possible to get a deal by the end of the week. It's not that difficult to get to an agreement."

Furthermore, the White House announced that the president would cut short a trip to Asia in order to focus on the negotiations.

On the macro front, housing starts for April edged past economists' forecasts and, although the prior month's reading was revised lower, economists saw signs of further stabilisation in residential construction.

In corporate news, Target was trading up 1% after the retailer beat earnings expectations for the first quarter, although it warned warned of a slowdown in sales.

Elsewhere, Western Alliance Bancorp rallied by over 10% after it said that deposits had grown by more than $2bn since the first quarter’s end.

Dow Jones - Risers

Boeing Co. (BA) $205.03 2.07%
JP Morgan Chase & Co. (JPM) $136.17 1.38%
Goldman Sachs Group Inc. (GS) $324.41 1.12%
American Express Co. (AXP) $149.89 1.00%
Walgreens Boots Alliance, Inc. (WBA) $31.66 0.97%
Salesforce.Com Inc. (CRM) $206.52 0.96%
Caterpillar Inc. (CAT) $209.01 0.87%
Visa Inc. (V) $232.32 0.80%
Dow Chemical Co. (DOW) $51.44 0.74%
Chevron Corp. (CVX) $154.63 0.73%

Dow Jones - Fallers

Amgen Inc. (AMGN) $224.65 -1.42%
Nike Inc. (NKE) $115.38 -0.94%
Apple Inc. (AAPL) $171.47 -0.35%
Walmart Inc. (WMT) $149.64 -0.09%
Merck & Co. Inc. (MRK) $116.07 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
McDonald's Corp. (MCD) $294.17 0.01%
Walt Disney Co. (DIS) $91.04 0.07%
Coca-Cola Co. (KO) $63.30 0.13%
Unitedhealth Group Inc. (UNH) $480.55 0.17%

S&P 500 - Risers

Keysight Technologies Inc. (KEYS) $160.71 9.69%
Comerica Inc. (CMA) $35.65 5.13%
Keycorp (KEY) $9.81 4.70%
Wynn Resorts Ltd. (WYNN) $107.62 4.43%
United Airlines Holdings Inc (UAL) $47.13 3.93%
Bread Financial Holdings, Inc. (BFH) $28.77 3.75%
Fifth Third Bancorp (FITB) $24.49 2.99%
Zions Bancorporation (ZION) $24.42 2.78%
Citizens Financial Group, Inc. (CFG) $25.74 2.75%
Truist Financial Corp. (TFC) $27.90 2.69%

S&P 500 - Fallers

Everest Re Group Ltd. (RE) $371.64 -1.79%
VF Corp. (VFC) $20.27 -1.58%
Nektar Therapeutics (NKTR) $0.70 -1.43%
Amgen Inc. (AMGN) $224.65 -1.42%
Molson Coors Beverage Co. Class B (TAP) $62.37 -1.30%
CF Industries Holdings Inc. (CF) $64.16 -1.18%
Vertex Pharmaceuticals Inc. (VRTX) $341.61 -1.03%
Nike Inc. (NKE) $115.38 -0.94%
Take-Two Interactive Software Inc. (TTWO) $122.93 -0.90%
Mosaic Company (MOS) $34.98 -0.78%

Nasdaq 100 - Risers

Wynn Resorts Ltd. (WYNN) $107.62 4.43%
Qurate Retail Inc. (QRTEA) $0.93 3.66%
American Airlines Group (AAL) $14.56 2.54%
Gen Digital Inc. (GEN) $15.78 2.10%
Amazon.Com Inc. (AMZN) $115.37 1.74%
Vodafone Group Plc ADS (VOD) $10.42 1.72%
Western Digital Corp. (WDC) $37.18 1.56%
Adobe Systems Inc. (ADBE) $350.48 1.56%
Applied Materials Inc. (AMAT) $122.33 1.17%
Marriott International - Class A (MAR) $176.55 1.13%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $36.80 -2.95%
Baidu Inc. (BIDU) $128.86 -2.88%
Trip.com Group Limited (TCOM) $33.01 -2.77%
NetEase Inc. Ads (NTES) $87.87 -1.97%
Amgen Inc. (AMGN) $224.65 -1.42%
Vertex Pharmaceuticals Inc. (VRTX) $341.61 -1.03%
Take-Two Interactive Software Inc. (TTWO) $122.93 -0.90%
Align Technology Inc. (ALGN) $290.10 -0.75%
T-Mobile Us, Inc. (TMUS) $142.66 -0.72%
Netflix Inc. (NFLX) $331.71 -0.61%