{"id":191283,"date":"2023-06-01T12:00:00","date_gmt":"2023-06-01T16:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=191283"},"modified":"2023-06-01T11:54:21","modified_gmt":"2023-06-01T15:54:21","slug":"despite-stall-debt-deal-optimism-cheers-markets","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/despite-stall-debt-deal-optimism-cheers-markets\/","title":{"rendered":"Despite Stall, Debt Deal Optimism Cheers Markets"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Stocks rallied last week, propelled by growing optimism over reaching a deal on raising the debt ceiling and avoiding a technical debt default by the U.S.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-possible-debt-deal\"><strong>Possible debt deal<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After stumbling on weak April retail sales and a combination of disappointing earnings and weak guidance from a major retailer, stocks moved higher mid-week as the news on the debt negotiations turned more positive.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prospect of an agreement helped to lift a cloud of uncertainty that had weighed on markets in recent weeks and sparked sufficient optimism to shake off comments by the Dallas Fed President, who indicated that economic data may not support a pause in rate hikes yet. Aiding the market\u2019s upbeat mood was a positive update on deposit growth at a troubled regional bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stocks surrendered some of the week\u2019s gains on Friday following reports of an impasse on debt talks and comments by Fed Chair Powell.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-housing-mixed\"><strong>Housing mixed<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Recent updates have suggested that the housing market may be staging a turnaround after a long period of contraction. Last week\u2019s data contained some fresh evidence of revival and caution that any potential recovery may remain further out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first positive sign was an increase in home builder sentiment that put the National Association of Home Builders Housing Market Index\u2019s confidence level at the midpoint for the first time since July 2022. An unexpected 2.2% rise in housing starts in April followed. These encouraging reports, however, were followed by a disappointing 3.4% decline in April existing home sales.<sup>4, 5, 6<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Footnotes and Sources<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. National Association of Home Builders, May 16, 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. Fox Business, May 17, 2023<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6. The Wall Street Journal, May 18, 2023<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted May 31, 2023 &#8211; <a href=\"https:\/\/investing.interactiveadvisors.com\/2023\/05\/despite-stall-debt-deal-optimism-cheers-markets\">Despite stall, debt deal optimism cheers markets<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Disclosure:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please consult your financial professional for additional information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stocks rallied last week, propelled by growing optimism over reaching a deal on raising the debt ceiling and avoiding a technical debt default by the U.S.<\/p>\n","protected":false},"author":1166,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[10249,9362,3598],"contributors-categories":[13605],"class_list":["post-191283","post","type-post","status-publish","format-standard","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-debt-ceiling","tag-economic-outlook","tag-market-outlook","contributors-categories-interactive-advisors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Despite Stall, Debt Deal Optimism Cheers 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