President Joe Biden and Congressional leaders reached an initial agreement onHouse Majority Speaker Kevin McCarthy and Biden had been at odds for weeks over raising the debt ceiling, with the first inklings of real progress coming last week. Key provisions that necessitated compromise included keeping non-defense spending flat for the next two years as well as increasing work requirements of food stamp benefits.
Still, the bill will need both Republican and Democratic support to make it to President Biden's desk before the so-called "X date" on June 5, which is the earliest time the Treasury Department has signaled the U.S. could default.Both the Nasdaq Composite and S&P 500 posted weekly gains of 2.5% and 0.3% on Friday, respectively, while the Dow Jones Industrial Average slipped 1%.
The tech-heavy Nasdaq heads into the new trading week looking to add to a stretch of five consecutive gains. Nvidia's meteoric rise has added more hype to the investor optimism over artificial intelligence stocks.Futures tied to the major averages opened higher on Monday night. Dow futures were up about 70 points, or 0.2%. S&P 500 futures climbed 0.3%, while Nasdaq-100 futures popped 0.5%.