{"id":68283,"date":"2023-05-30T08:59:02","date_gmt":"2023-05-30T12:59:02","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68283"},"modified":"2023-05-30T08:59:40","modified_gmt":"2023-05-30T12:59:40","slug":"coffee-with-greta-debt-ceiling-agreement-reached","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/30\/coffee-with-greta-debt-ceiling-agreement-reached\/","title":{"rendered":"Coffee With Greta: Debt Ceiling Agreement Reached"},"content":{"rendered":"

Register now<\/a> for my free Q&A with David Prince on Wednesday!<\/strong><\/p>\n

DJIA Futures: <\/b>-10 (-0.03%)<\/span><\/p>\n

SPX Futures: <\/b>+22 (+0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+187 (+1.3%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are mostly higher after the President and House Speaker reached a tentative debt ceiling agreement.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Debt Ceiling Deal<\/span><\/h2>\n

President Biden and House Speaker Kevin McCarthy reached a deal on Sunday to raise the debt ceiling.<\/span><\/p>\n

Congress is expected to vote on the bill as early as tomorrow after the Treasury Department said they have until June 5 before a default.\u00a0<\/span><\/p>\n

Biden said, \u201cThe agreement prevents the worst possible crisis, a default, for the first time in our nation\u2019s history. Takes the threat of a catastrophic default off the table.\u201d<\/span><\/p>\n

The deal would suspend the debt ceiling until January 1, 2025 and spending caps for the next two years.\u00a0<\/span><\/p>\n

In fiscal year 2024, military spending would be capped at $886 billion and nonmilitary discretionary spending at $704 billion.\u00a0<\/span><\/p>\n

In fiscal year 2025, military spending would increase to $895 billion and nonmilitary discretionary spending to $711 billion.<\/span><\/p>\n

Nvidia Eyes $1 Trillion<\/span><\/h2>\n

Nvidia <\/b>(NVDA) shares are up 4.5% ahead of the open and on track to hit a $1 trillion market cap at the bell.\u00a0<\/span><\/p>\n

To hit the $1 trillion mark NVDA shares must hold above $404.86.\u00a0<\/span><\/p>\n

The stock has rocketed toward the trillion dollar club since last Wednesday when the company beat Q1 expectations and forecast huge Q2 revenue numbers.<\/span><\/p>\n

The other $1 trillion stocks include <\/span>Apple <\/b>(AAPL), <\/span>Alphabet <\/b>(GOOGL), <\/span>Amazon <\/b>(AMZN), and <\/span>Microsoft<\/b> (MSFT).<\/span><\/p>\n

Other semiconductor stocks are moving alongside NVDA this morning with the <\/span>VanEck Semiconductor ETF<\/b> (SMH) up 2.3%.<\/span><\/p>\n

Musk Meets China\u2019s Foreign Minister<\/span><\/h2>\n

Tesla <\/b>(TSLA) shares are up 4.0% in premarket trade after CEO Elon Musk met with China\u2019s Foreign Minister in Beijing.<\/span><\/p>\n

The meeting was reportedly meant to show China is open to foreign business while Tesla reportedly signaled plans to further expand in the country.\u00a0<\/span><\/p>\n

The FM said China\u2019s electric vehicle market \u201chas broad prospects for development\u201d and said the country will continue to create a better \u201cmarket-oriented\u201d and \u201claw-based\u201d business environment for foreign companies like Tesla.\u00a0<\/span><\/p>\n

Jobs Week<\/span><\/h2>\n

This will be an important week of data for the Fed as traders look ahead to the May jobs report.\u00a0<\/span><\/p>\n

The Conference Board releases the May consumer confidence index at 10:00 a.m. ET today.\u00a0<\/span><\/p>\n

Then the Labor Department releases its April job openings and labor turnover survey Wednesday at 10:00 a.m. while the Fed releases its Beige Book at 2:00 p.m.<\/span><\/p>\n

ADP\u2019s private employment report for May will be out Thursday morning along with weekly jobless claims and the Q1 productivity revision.\u00a0<\/span><\/p>\n

On Friday morning, the Labor Department releases the official May jobs report. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Register now for my free Q&A with David Prince on Wednesday! DJIA Futures: -10 (-0.03%) SPX Futures: +22 (+0.5%) NASDAQ Futures: +187 (+1.3%) Good morning friends! Futures are mostly higher after the President and House Speaker reached a tentative debt ceiling agreement.\u00a0 Let\u2019s get right to it! Debt Ceiling Deal President Biden and House Speaker Kevin McCarthy reached a deal on Sunday to raise the debt ceiling. Congress is expected to vote on the bill as early as tomorrow after the Treasury Department said they have until June 5 before a default.\u00a0 Biden said, \u201cThe agreement prevents the worst possible crisis, a default, for the first time in our nation\u2019s history. Takes the threat of a catastrophic default off the table.\u201d The deal would suspend the debt ceiling until January 1, 2025 and spending caps for the next two years.\u00a0 In fiscal year 2024, military spending would be capped at $886 billion and nonmilitary discretionary spending at $704 billion.\u00a0 In fiscal year 2025, military spending would increase to $895 billion and nonmilitary discretionary spending to $711 billion. Nvidia Eyes $1 Trillion Nvidia (NVDA) shares are up 4.5% ahead of the open and on track to hit a $1 trillion market cap at the bell.\u00a0 To hit the $1 trillion mark NVDA shares must hold above $404.86.\u00a0 The stock has rocketed toward the trillion dollar club since last Wednesday when the company beat Q1 expectations and forecast huge Q2 revenue numbers. The other $1 trillion stocks include Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT). Other semiconductor stocks are moving alongside NVDA this morning with the VanEck Semiconductor ETF (SMH) up 2.3%. Musk Meets China\u2019s Foreign Minister Tesla (TSLA) shares are up 4.0% in premarket trade after CEO Elon Musk met with China\u2019s Foreign Minister in Beijing. The meeting was reportedly meant to show China is open to foreign business while Tesla reportedly signaled plans to further expand in the country.\u00a0 The FM said China\u2019s electric vehicle market \u201chas broad prospects for development\u201d and said the country will continue to create a better \u201cmarket-oriented\u201d and \u201claw-based\u201d business environment for foreign companies like Tesla.\u00a0 Jobs Week This will be an important week of data for the Fed as traders look ahead to the May jobs report.\u00a0 The Conference Board releases the May consumer confidence index at 10:00 a.m. ET today.\u00a0 Then the Labor Department releases its April job openings and labor turnover survey Wednesday at 10:00 a.m. while the Fed releases its Beige Book at 2:00 p.m. ADP\u2019s private employment report for May will be out Thursday morning along with weekly jobless claims and the Q1 productivity revision.\u00a0 On Friday morning, the Labor Department releases the official May jobs report.<\/p>\n","protected":false},"author":41,"featured_media":68302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=68283"}],"version-history":[{"count":3,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68283\/revisions"}],"predecessor-version":[{"id":68304,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68283\/revisions\/68304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/68302"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}