June S&P 500 futures (ESM23) are trending up +0.40% this morning as the passage of a U.S. debt ceiling bill in Washington boosted market sentiment, while investors looked ahead to a crucial U.S. nonfarm payrolls report that might clarify the Federal Reserve’s policy path.
The U.S. Senate late on Thursday passed legislation to suspend the government’s $31.4 trillion debt ceiling and enforce restraints on government spending until the 2024 election. With a vote of 63-36, the Senate has given its approval to the bill that was previously passed by the House of Representatives on Wednesday. The measure now goes to the White House to be signed into law by U.S. President Joe Biden.
