Following the debt ceiling agreement between President Joe Biden and House of Representatives speaker Kevin McCarthy on Sunday, Dow Jones Futures saw a slight raise on early Tuesday.
The slight rise in the futures of Dow Jones Futures is seen as a result of the tentative agreement regarding the debt ceiling and also the Memorial Day holiday on Monday. Among the several other stocks, the stocks of Tesla are also at a nearby point.
The stock market rally during the last week, even though it was divergent, the rally ended on a hopeful note.
The changes and progress in the debt ceiling agreement have also affected the market and have buoyed the markets Friday. Looking at the overall performance, the actions were mixed and even saw a number of large leading stocks struggling.
The major factor that has affected the proceedings in the market is the recent debt ceiling agreement between President Joe Biden and House of Representatives Speaker Kevin McCarthy. The tentative deal on the subject was taken on Sunday night, following the warning from the United States Treasury.
According to the new agreement, there will be a debt limit increase for two years and also will keep non-defense, non-veterans discretionary spending about fully with current levers over the course of two years.
The deal is also diode to bring in new restrictions upon some of the aid programs from the government.
After his meeting with President Joe Biden, speaker Kevin McCarthy said in one of his statements that there was so much work left to do and that he strongly believed that the agreement in principle is worthy of the American people.
The agreement will have to gain the support of the lawmakers in Congress and the leaders are concerned that many l; left-wing and right-wing lawmakers will raise their voices against the deal.
In order to counter this situation and put the deal into effect, the Congressional leaders and also the White House are pushing the members of both parties to ensure the passage of the deal.
The next step following the agreement is the voting that is expected to take place on Wednesday. Following the voting among the left and right lawmakers, the Senate is not in line to take action.
The final step will be the signing of the deal by the President. According to the statement given by the Secretary of the Treasury Janet Yellen, the country could run out the funds as early as June 5.
After the deal was named, Kevin McCarthy stated that he hoped most of the GOP lawmakers would vote yes for the deal as there are many concerns regarding the opposition that the deal could face from both left and right.
Dow Jones Futures Today
Dow Jones futures saw a rise of about 0.1% in fair value. Similarly, the S&P futures also marked a rise of 0.2% along with the 0.4% rise in Nasdaq 100 futures.
Experts suggest that a default for the country could have been devastating but the market and the big names in the market were kind of optimistic about a possible increase in the debt ceiling. The United State market was closed on Monday due to the Memorial Day holiday.
Also Read:- Biden And McCarthy Agree To A Plan To Prevent A Default On US Debt
Nvidia AI Offerings
The CEO of Nvidia Jensen Huang debuted an array of different AI products and services during a keynote speech he delivered in Taiwan. Hugan unveiled different products and services including a supercomputer named DGX GH200.
According to the company, different other companies will be able to make and develop alternatives to the latest technology sensation Chat GPT. He also introduced another networking platform for Ethernet-based AI clouds.
The company also reviewed and discussed its plan to team up with the advertising giant WPP in using AI and the metaverse in order to cut down the ad production cost. The company also has huge plans to make use of AI technology to develop more realistic video games.
Among Nvidia’s future plans, the company is trying to expand the area of operation beyond tech and Huang also unveiled a robotic platform that is determined to help the country achieve the goal in the future.
Tesla Stock
The stock of Tesla saw a jump to 193.17, which is almost 7.2% more, during the week. The number also includes the 4.7% pop in heavy volume for the company which was noted on Friday.
The company is currently concentrating on its new business developments in China and CEO Elon Musk is all set for his China visit.
He will also tour the Tesla plant located in Shanghai. According to the analysis report from MarketSmith, Tesla has cleared its 50-day line and is currently approaching a buy point of 207.89.
Read More:- McCarthy And Biden Adopt An Optimistic Tone In The Most Recent Debt Ceiling Talks
