US stocks rose sharply, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles
Traders work on the floor of the New York Stock Exchange in New York City, U.S., May 3, 2023. REUTERS/Brendan McDermid
Top boss Elon Musk downplayed market speculation he may step down as CEO of Tesla, touched upon two new mass-market models the company is developing, and reaffirmed that deliveries of its long-delayed Cybertruck pickup would start this year.the electric vehicle maker has proposed setting up a factory in India for domestic sale and export.
With the rally the S&P is once again near the top of a recent trading range, at about 4,160, which has acted as a resistance point. Analysts said a major catalyst such as a debt ceiling agreement or clarity on the path of interest rate hikes from the Federal Reserve would be needed to push stocks much higher.
Recent data has indicated slowing in the U.S. economy following a string of Fed rate hikes to fight high inflation. That, along with recent negotiations over the U.S. debt ceiling, has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is pricing in a rate cut by the year-end, recent comments from Fed officials suggested they are not ready to cut rates soon.
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