Stock futures are little changed as traders await Tuesday debt ceiling negotiations: Live updates

The stock market is seeing little change in the early hours of trading as traders await Tuesday’s crucial debt ceiling negotiations. As of market opening, Dow futures were up 30 points, S&P 500 futures were flat, and Nasdaq 100 futures were down 0.1%.

Market analysts are watching the developments in the debt ceiling negotiations closely, as this is expected to have a significant impact on the stock market in the coming weeks. Meanwhile, there are several other factors that could affect the market today.

Cryptocurrency prices continue to be under pressure after China’s crackdown on Bitcoin trading and mining. Bitcoin price hit a three-month low below $43,000 on Sunday, and Ethereum and Dogecoin prices also saw significant drops.

Investors are also closely watching the situation in Israel and Palestine, as the conflict intensifies. The fighting has raised concerns about the stability of the Middle East and could have broader implications for global markets.

Here are the latest updates from the stock market today:

Tech stocks lead gains in early trading

In early trading, technology stocks were among the strongest performers, with Amazon, Apple, and Microsoft all registering gains. Healthcare and consumer discretionary stocks were also performing well.

Meanwhile, energy stocks were lower as oil prices retreated from their recent highs. The price of Brent crude oil was down 0.6% at $68.16 per barrel, while US West Texas Intermediate (WTI) crude oil was down 0.5% at $64.66 per barrel.

US retail sales show strong growth in April

In what is seen as a positive sign for the economy, US retail sales rose 0.3% in April, the Commerce Department reported on Friday. This was the biggest gain in 10 months, indicating that consumer spending is picking up after a slow start to the year.

The increase in retail sales was primarily driven by a 1.1% rise in spending on automobiles and parts. However, there were also gains in other areas, including electronics and appliances, building materials and garden equipment, and restaurants and bars.

The report suggests that Americans are becoming more confident about the economic outlook, which could bode well for the overall health of the stock market.

Fed officials express differing views on inflation

Several officials from the Federal Reserve have expressed differing views on the current state of inflation in the US economy.

On Friday, St. Louis Fed President James Bullard said that inflation had been higher than expected in recent months and could remain elevated throughout the year. However, he added that he did not believe this would necessarily lead to a significant shift in monetary policy.

Meanwhile, Dallas Fed President Robert Kaplan said that he expected inflation to remain above the Fed’s 2% target for the rest of this year and into 2022. He suggested that the central bank may need to start tapering its bond buying sooner than expected to keep inflation under control.

The comments from Bullard and Kaplan reflect the ongoing debate among Fed officials about the appropriate response to rising inflation. Some officials believe that the central bank should begin to tighten monetary policy to prevent further price increases, while others believe that the current inflationary pressures are temporary and do not warrant a change in policy.

Conclusion

In summary, the stock market is seeing little change in the early hours of trading as traders await Tuesday’s crucial debt ceiling negotiations. While tech stocks are performing well, energy stocks are lower as oil prices retreat from recent highs. US retail sales showed strong growth in April, indicating that consumer spending is picking up after a slow start to the year. Fed officials are expressing differing views on inflation, with some suggesting that the central bank may need to start tapering its bond buying to keep inflation under control. Investors are also closely watching the situation in Israel and Palestine, as the conflict intensifies, which could have broader implications for global markets.