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President Joe Biden (l.) and House Speaker Kevin McCarthy
Drew Angerer | Getty Images News | Getty Images
Stock futures rose Monday night after the Biden administration and Republican lawmakers reached a tentative deal on raising the U.S. debt ceiling.
Futures tied to the Dow Jones Industrial Average added 72 points, or 0.2%, while S&P 500 futures gained 0.3%. Nasdaq-100 futures climbed 0.5%.
President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.
The agreement comes just days before the so-called “X date” on June 5, which is the earliest date the Treasury Department has signaled the U.S. could default on debt obligations. The initial compromise was first announced on Saturday evening.
The long negotiations between the White House and congressional leaders raised concern among investors that a default on U.S. debt could take place. Wall Street has already contended with persistent inflation and a banking crisis this year.
Stocks closed higher on Friday. The Nasdaq Composite and S&P 500 finished last week with gains. The market was closed Monday due to Memorial Day.
Investors will also turn their attention to May jobs data out on Friday, while the April Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics will be released on Wednesday. Corporate earnings from HP Inc and Salesforce are due on Tuesday and Wednesday, respectively.
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