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

Investing.com
·2 min read

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.

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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.

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