Wall Street rallies fueled by McCarthy's comments and hopes for raising the US debt limit ⚡
Wall Street opens higher after positive comments from MCCarthy, he said that talks also made progress this morning and negotiators will continue to work today on the Debt Ceiling.
Debt-limit negotiations continued overnight, according to House Speaker Kevin McCarthy, as the deadline for potential default approaches. McCarthy expressed optimism about the progress made during the talks, stating that they worked into the night and made headway. However, he mentioned that he hasn't had recent communication with President Joe Biden. With most lawmakers away for the long holiday weekend, the Capitol complex is nearly empty, but negotiators have been instructed to keep working until an agreement is reached. While the two sides have narrowed their differences in recent discussions, the specifics of the agreement remain tentative and a final resolution has not yet been achieved.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe US500 and US100 indices rally after the opening, driven by optimism surrounding a potential debt-ceiling agreement. If an agreement is reached, it could lead to further market gains and potentially result in a break above a crucial support level.
US100 gains nearly 2% on the opening breaking above significant support around 14k points. Timeframe D1, source: xStation 5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
