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U.S. stocks are rising as debt ceiling deal comes into focus; Marvell pops

Published May 26, 2023 10:05AM ET Updated May 26, 2023 10:49AM ET
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Investing.com -- U.S. stocks are rising as investors await the outcome of debt ceiling negotiations.

At 10:50 ET (14:50 GMT), the Dow Jones Industrial Average was up 332 points or 1%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.6%.

Lawmakers appear close to announcing a framework for an agreement, though the debt ceiling deadline of early June is still looming as Congress takes a break for the Memorial Day weekend.

Deputy Treasury Secretary Wally Adeyemo said lawmakers are making progress in reaching a deal. Uncertainty has weighed on stocks this week, with the S&P and the Dow on course for their worst week in about two months.

The S&P and the Dow are on course for their worst weekly performance in over two months as debt ceiling talks have been dragging on in Washington even as the June 1 deadline looms large.

The Commerce Department's personal consumption expenditures price index, thought to be the Federal Reserve's preferred measure of inflation, rose 0.4% in April, as expected. Excluding volatile food and energy, the core PCE price index, rose 0.4% last month, higher than expectations of 0.3%.

Michigan consumer sentiment was a stronger-than-expected 59.2 for May but still down from a prior reading.

More futures traders are now predicting another quarter of a percentage point interest rate increase by the Federal Reserve when it meets next month. Less than half of traders are predicting a pause.

Shares of Ford Motor Company (NYSE:F) rose 7% after it said its electric vehicle owners would have access to Tesla’s superchargers in North America early next year.

Casual clothing retailer Gap Inc (NYSE:GPS) shares rose 9.8% after it posted a surprise profit for the first quarter, while shares of Ulta Beauty (NASDAQ:ULTA) shed11% after it cut its operating margin forecast for the year.

Shares of chip maker Marvell Technology Group Ltd (NASDAQ:MRVL) jumped 27.8% after it predicted its revenue from artificial intelligence would double.

U.S. stocks are rising as debt ceiling deal comes into focus; Marvell pops
 

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Comments (20)
Gothic Serpent
gothicserpent May 26, 2023 1:08PM ET
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Well done to all the short sellers. You have played this well. The sea of green cannot be stopped. GO TECH! ayayaya
Jay Garrelts
Jay Garrelts May 26, 2023 12:23PM ET
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I am a robot im virtually tea bagging you hehe hehe
Sarthak Gupta
Sarthak Gupta May 26, 2023 12:17PM ET
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I think republicans will use this opportunity to demand for fresh elections.
Warm Camp
Warm Camp May 26, 2023 12:17PM ET
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Take it easy. The US election system uses fixed dates only, no snap elections.
Casador Del Oso
Casador Del Oso May 26, 2023 12:14PM ET
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I googled debt ceiling and the news articles there aren't so optimistic.
dylan mulvaney
dylan mulvaney May 26, 2023 12:10PM ET
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I love how the democrats talk about how the republicans are fascists when they have been doing nothing but trying to tear down all the checks and balances. They want to try and allow Biden to unilaterally overturn Congress on the debt ceiling because they are not getting their way. They want to try and expand the Supreme Court because they are not getting their way. They wanted to try and extend the "COVID emergency" to try and allow Biden to unlawfully push student loan forgiveness. They engage in malicious prosecution of pollical opponents while halting and hiding investigations against fellow democrats. The democrat party is the party of fascism and we are all paying the price. Biden has a lot of donors to launder money to and is why he wants to keep with his reckless spending and hyper inflation.
dylan mulvaney
dylan mulvaney May 26, 2023 12:04PM ET
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Nothing like hyper-valuation of growth stocks while the country is in massive debt at risk of default and banks are literally crashing with more bank funds have been lost already this year than all of 2008.
Jacky Lee
Jacky Lee May 26, 2023 11:32AM ET
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Sources say both sides cannot come to an agreement of spending cuts. Negotiation has ended for the day
Dave Jones
Dave Jones May 26, 2023 11:31AM ET
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Marvell only has a few thousand employees and were laying people off. Doesn't seem too solid.
Dave Jones
Dave Jones May 26, 2023 11:27AM ET
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Yes but where are the chips actually made?
Casador Del Oso
Casador Del Oso May 26, 2023 11:19AM ET
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What if the debt ceiling deal is at an impasse by the end of the day?
Mark Jannetty
Mark Jannetty May 26, 2023 11:19AM ET
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when not if
 
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