Futures Are On the Rise This Morning Following Lower Closes for the S&P 500 Tuesday and Wednesday
U.S. stock futures are higher. Futures are on the rise this morning following lower closes for the S&P 500 in the Tuesday and Wednesday trading sessions. Yields are increasing as debt ceiling angst continues and the recently released May FOMC minutes indicate a division among Fed officials regarding the rate hike trajectory. Negotiations to raise the debt ceiling are ongoing, with the estimated X date just one week away. House Speaker McCarthy maintains an optimistic tone regarding the status of negotiations, although Fitch Ratings has placed the U.S. debt rating on a negative watch. The U.S. GDP growth for Q1 has been revised higher from 1.1% to 1.3%. Jobless claims have risen by 229k, lower than the anticipated increase of 250k but still higher than the previous week's figure of 225k. Overnight, Asian markets closed lower as the Bank of Korea decided to keep rates unchanged. European markets are gaining despite worse-than-expected negative German Q1 GDP growth, which has signaled the economy tipped into a recession. Tomorrow morning, before the market opens, data on durable goods, international trade, and PCE inflation for April will be released. Gold and Crude prices are moving lower while the U.S. dollar is strengthening.