Stocks rise on credit limit optimism

Stocks rose Friday morning as investors eyed updates The ongoing debt ceiling debate And digest a better first-quarter earnings season than fear.

The S&P 500 (^GSPC) rose 0.20%, while the Dow Jones Industrial Average (^DJI) rose 13 points, or 0.04%. The technology-heavy Nasdaq ( ^IXIC ) rose 0.15%.

Stocks soar as debt debate rages in Washington.

“I see a path we can pass,” House Speaker Kevin McCarthy told reporters Thursday morning. He added: “Especially in principle, it’s important to try to get an agreement by the end of this week.”

Friday morning’s move higher was an extension of week-long gains, led primarily by major technicals. On Thursday, Netflix ( NFLX ), Apple ( AAPL ), Alphabet ( GOOGL ), Meta ( META ), Microsoft ( MSFT ), and Nvidia ( NVDA ) all hit their highest levels in at least a year.

A John Deere sprayer sits in a popcorn field on the Matt Johnson family farm in Indiana, June 28, 2012. REUTERS/Brent Smith (UNITED STATES – Tags: ENVIRONMENT)

Shares of John Deere’s parent Deere & Company ( DE ) rose 4% on Friday as the company raised its profit outlook for the fiscal year. The maker of tractors and other farm equipment beat Wall Street estimates for both revenue and earnings.

“Deer continues to benefit from favorable market conditions and an improved operating environment,” said Deere & Company CEO John C. May said in the company’s earnings release. “While supply-chain constraints continue to be a challenge, we continue to see progress.”

Meanwhile, shares of Foot Locker ( FL ) fell 27% at the open, their biggest drop since February 2022, as the footwear retailer cut its full-year guidance for earnings per share to a new range of $2.00 from a previous range of $3.35-$3.65. – $2.25. The company missed Wall Street’s quarterly estimates, while earnings per share and comparable sales fell 9% from the same period a year earlier.

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“Our sales moderated meaningfully against a tough macroeconomic backdrop (in March), so we’re lowering our guidance for the year as we take more aggressive markdowns to drive demand and manage inventory,” Food Locker CEO Mary Dillon said in the company’s earnings call. liberation

A quiet economic data day will be headlined by expected comments from Federal Reserve Chairman Jerome Powell and former Fed Chairman Ben Bernanke at an event in Washington, D.C. Investors will be watching closely for any signs of the Fed’s next interest rate move.

Josh is a Yahoo Finance reporter.

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