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Barchart
Barchart
Oleksandr Pylypenko

Stocks Move Higher Before the Open on U.S. Debt Deal Optimism, Walmart Earnings on Tap

ING Walmart United States Joe Biden Kevin McCarthy AMAT Applied Materials Nomura Ross Stores ROST

June S&P 500 futures (ESM23) are up +0.08%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning after three major U.S. benchmark indices rallied on Wednesday as hopes of a deal to raise the U.S. debt limit and a jump in regional bank stocks boosted risk appetite.

In Wednesday’s trading session, a surge in regional bank stocks lifted sentiment, led by a more than +10% jump in Western Alliance (WAL) after it reported Q2 deposit growth of over $2 billion as of May 12th, calming investor fears over huge outflows. Other regional bank stocks such as Comerica (CMA), Zions (ZION), and KeyCorp (KEY) were among the top percentage gainers on the benchmark S&P 500. Energy stocks also supported the broader market melt-up as the price of WTI crude rose more than +2%. In addition, Tesla Inc (TSLA) climbed over +4% and was among the top percentage gainers on the tech-heavy Nasdaq 100 following its annual shareholder meeting on Tuesday.

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