“Dow Futures Rise Ahead of Powell’s Speech and Debt Ceiling Negotiations”

Investing.com – U.S. stock futures edged higher ahead of the market open on Friday (19th) after top bipartisan U.S. Congressmen said they would not allow the U.S. to default on its debt, suggesting that a deal to raise the debt ceiling is possible, although it may be delayed critical moment.

Rating agency Moody’s also believes that the parties will eventually reach an agreement. William Foster, a senior credit officer at Moody’s, said: “Political leaders have very clearly and consciously emphasized that default is not an option. So from a rating perspective, in terms of how we view the risk of default, this is a good thing.”

In addition to the debt ceiling, another focus of the day is the speech of Federal Reserve Chairman Jerome Powell (Jerome Powell). This is Powell’s first public appearance since the May 3 interest rate meeting. Data depends. However, a number of Fed officials recently emphasized that the process of raising interest rates may not be completely over, and if inflation does not come down, interest rates may still be raised again.

In addition, New York Federal Reserve President, FOMC permanent voter John Williams, and Fed Governor Michelle Bowman will also deliver speeches within the day.

As of 20:52 Hong Kong time (08:52 a.m. Eastern Time), Investing.com’s U.S. stock quotes showed that, rose 0.3%, and rose 0.06%.

Individual stocks before the market opens

Foot Locker (NYSE: ) plunged 25% and lowered its full-year guidance, citing a tough macroeconomic environment.

U.S. farm machinery giant Deere & Company (NYSE: ) rose 3.4% and raised its net profit forecast for 2023 due to strong orders.

Applied Materials (NASDAQ: ) fell 1.6%, despite stronger-than-expected quarterly revenue, but the company expects sales to decline in future quarters due to a downturn in the memory chip market. At the same time, research firm KeyBanc believes that Applied Materials’ stock price has little room for further upside after its previous strong rise.

Ross Stores (NASDAQ: ) fell 0.7% after second-quarter profit guidance fell short of expectations, though it raised its profit forecast for last year.

Pharmaceutical company Catalent (NYSE: ) fell 5.3%, postponing its quarterly results and receiving a notice from the New York Stock Exchange that it did not meet listing standards.

Disney ( Disney ) (NYSE: ) fell 0.8%, canceling plans to build a corporate park in Florida.

Facebook parent company Meta Platforms (NASDAQ: ) fell 0.21% after company executives announced in a Q&A with employees that the company will begin layoffs next week, its latest round of massive layoffs that could affect thousands of employees.

Occidental Petroleum Corporation (NYSE: ) rose 1.46%. From May 16 to 18, Berkshire Hathaway purchased approximately 3.46 million shares of Occidental Petroleum at a price of more than 200 million US dollars, and its shareholding ratio rose to 24.4%.

Taiwan Semiconductor Manufacturing Co (NYSE: ) fell 0.22% after sources said wafer starts increased due to higher orders for NVIDIA’s (NASDAQ: ) A100 and H100 AI GPUs.

Tesla (NASDAQ: ) rose 0.37%. Apple Inc (NASDAQ: ) rose 0.41%; Netflix (NASDAQ: ) fell 0.56%, after rising 9% yesterday; Microsoft Corporation (NASDAQ: ) fell 0.30%; Amazon (NASDAQ: ) rose 0.34%; Google parent Alphabet (NASDAQ: ) ) rose 0.87%.

Chinese stocks

China Internet ETF KraneShares CSI China Internet (NYSE: ) fell 0.19%.

Futu Securities (NASDAQ: ) fell 0.18%, while Tiger Securities (NASDAQ: ) rose 4.29%.

Weilai Automobile (NYSE:) (HK:) rose 1.02%, Li Auto (NASDAQ:) (HK:) rose 1.64%, and Xiaopeng Motors (NYSE:) (HK:) rose 0.11%.

Bilibili (NASDAQ: ) (HK: ) fell 0.33%, and iQiyi (NASDAQ: ) rose 0.19%.

Alibaba (NYSE:) (HK: ) fell 1.60%, JD.com (NASDAQ:) (HK: ) fell 0.67%, and Pinduoduo (NASDAQ: ) fell 0.18%.

Baidu (NASDAQ: ) (HK: ) fell 0.35%. NetEase (NASDAQ: ) (HK: ) rose 1.56%.

other markets

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Editor: Liu Chuan