Traders work on the floor of the New York Stock Exchange during morning trading May 30, 2023 in New York City.
Michael M.Santiago | beautiful pictures
Here are the most important news items investors need to start their trading day:
Stocks will begin trading in June with modest gains, as investors remain wary of progress on the debt ceiling deal in Washington and the possibility of a Federal Reserve rate hike later this month. . Dow Jones Industrial Average Futures were mostly flat on Thursday, while S&P 500 Futures Contract up 0.2% and Nasdaq futures about 0.1% increase. Craig Johnson, Piper Sandler’s Chief Market Technical Officer, said: “We’ve been impressed by this market’s resilience since the March lows, absorbing the relentless onslaught of sentiment. and negative headlines. According to Live market updates.
Senate Majority Leader Chuck Schumer, DN.Y., left, and House Speaker Kevin McCarthy, R-Calif., attend the unveiled portrait of former Speaker Paul Ryan, R-Wisc., at National Statuary Hall at the Capitol on Wednesday, May 17, 2023.
Bill Clark | CQ-Check-in, Inc. | beautiful pictures
It took a late-night vote and hand-twist, but a bill to raise the US debt ceiling passed home on Wednesday, just days before the country risks defaulting for the first time on June 5. The House of Representatives approved the measure by a vote of 314-117 – a more overwhelming result than expected for a plan that included spending provisions that many Democrats and Republicans oppose. opposite to. The Senate will advance the bill Thursday morning and aims to get it to President Joe Biden’s desk as soon as Friday. It remains to be seen how quickly Majority Leader Chuck Schumer can push the bill through a notoriously slow Senate, where a single senator’s objections can slow the passage of legislation quickly. If the Treasury were to dry up, it would rattle global financial markets, cost jobs and jeopardize essential government interests for millions.
The Macy’s corporate sign is seen at the Herald Square store on March 2, 2023 in New York City.
Michael M.Santiago | beautiful pictures
A flurry of retail earnings reports showed stocks fluctuating before the market open on Thursday, as some companies noted consumer weakness heading into spring. Macy’s Stock drops up to 10% after department store operator cut Its full year earnings and sales guidance. The company said it has seen weaker discretionary spending starting in March and has had to cut prices on seasonal goods. by Nordstrom However, shares rose more than 3% after the company beat revenue and profit expectations on Wednesday. Although the retailer expected sales to decline this year, it reported improved sales in April after a sluggish March. Shares of ChewyMeanwhile, the stock jumped more than 15% after the digital pet-care retailer beat earnings and revenue estimates.
The regulator is interested in Amazon’s dual role as both a market and a competitor to sellers on its platform.
Nathan Stirk | beautiful pictures
Amazon agreed to hand over more than $30 million to the Federal Trade Commission to settle the charges about privacy violations related to its Alexa and Ring products, according to a filing released Wednesday. The FTC has claimed in separate lawsuits that Amazon improperly secured or kept video recordings and profile data of users, including children. In addition to the settlement fees, Amazon will be required to delete multiple data points. And because, according to the FTC, “Ring did not take basic measures to monitor and detect inappropriate access prior to February 2019, Ring does not know how many instances of inappropriate access to data were in place.” whether the customer’s sensitive video actually happened.”
A general view of the container terminal at Qianwan in Qingdao port, a port in Shandong province, China, March 17, 2023.
CFOTO | Future Publishing | beautiful pictures
More and more companies are looking to bring their manufacturing operations home, withdrawing from established manufacturing powerhouses like China, in a new world. trend called “reshoring” that could have huge implications for global supply chains. Mention of “reshoring” in S&P 500 earnings scores in the first quarter rose 128% year-over-year, even outpacing growth in mentions of “AI,” according to a Bank of America analysis. “. There are many factors at play here: the Russo-Ukrainian war, the aftermath of the Covid-19 pandemic, US and EU preferences for home production, and a shift in demand partly due to an increase in by TikTok. However, the realignment of global supply chains will not happen overnight.
– Yun Li, Christina Wilkie, Melissa Repko, Gabrielle Fonrouge, Lauren Feiner, Annie Palmer and Lucy Handley of CNBC contributed to this report.
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