Stocks went up a little on Monday. People on Wall Street are paying attention to the negotiations about the U.S. debt ceiling. The government is trying hard to avoid a situation where it can’t pay its debts.
The Dow Jones Industrial Average went up by 50 points, and the S&P 500 and Nasdaq Composite both went up by 0.4%.
President Joe Biden and House Speaker Kevin McCarthy will meet on Monday to keep talking about the negotiations. They need to make a deal soon because time is running out. Treasury Secretary Janet Yellen said that if they don’t reach an agreement by June 1, the U.S. might not be able to pay its debts.
Even though things are uncertain in Washington, stocks did well last week. The Nasdaq Composite went up by 3.04%, the S&P 500 went up by 1.65%, and the Dow went up by 0.38%.
Tech stocks, like those in the technology industry, have been doing especially well in the stock market, even though there might be a problem with the government’s debts and prices going up. A strategist from Bank of America said that companies are focusing on being more efficient, which will make their profits more stable. She thinks stocks are not too expensive and will keep going up.
We’re almost done with the time when companies show how much money they made in the first quarter of the year. But there are still a few important reports coming up. Zoom Video will report on Monday, and Lowe’s and Dick’s Sporting Goods will report on Tuesday.
There won’t be a lot of important economic information this week, but there are a couple of things to watch out for. On Thursday, we’ll get more information about how much the U.S. economy grew in the first quarter of the year. On Friday, we’ll see how prices are going up, which is something the Federal Reserve pays attention to.
On Wednesday, we’ll find out what the people at the Federal Reserve talked about in their meeting in May and what they think about raising interest rates again.