US pre-open: Stocks to edge up amid signs of debt ceiling progress
By Michele Maatouk
Date: Friday 26 May 2023
(Sharecast News) - US stock futures pointed to a slightly firmer open on Friday as investors assessed signs of progress in debt ceiling negotiations.
At 1225 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.2%, while Nasdaq futures were 0.4% higher.
Neil Wilson, chief market analyst at Markets.com, said: "Debt ceiling talks have made substantial progress it seems, with officials saying that President Biden and Republican congressional leader McCarthy close to striking a two-year deal to raise the debt ceiling.
"This would cap spending on certain discretionary areas such as education (!), and Reuters says two sides are only $70bn apart...like I said a deal will be done, only a question of when; either before the June X date or it drags out over the summer."
On the macroeconomic calendar, data on personal consumer expenditures for April is due at 1330 BST, along with durable goods orders. University of Michigan consumer sentiment is at 1500 BST.
In corporate news, Big Lots was likely to be in focus after first-quarter earnings, while sporting goods retailer Hibbett slid 5% in pre-market trade after its Q1 results disappointed.
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