- Stocks are looking to end a hot week.
- Debt ceiling negotiations are expected to continue through the end of the week.
- The Group of Seven summit begins on Friday in Hiroshima, Japan.
Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2023 in New York City.
Michael M. Santiago | Getty Images
Here are the top stories investors need to start their trading day:
Stocks are looking to end a hot week, after the S&P 500 and Nasdaq Composite notched their highest closing levels since August of last year. The S&P closed 0.94% higher Thursday, the Nasdaq closed 1.51% higher, and the Dow Jones Industrial Average closed 0.34% higher. A strong quarterly report from Walmart Thursday helped boost the market, giving hope to the resilient consumer. But the big watcher on Wall Street is still the debt ceiling negotiations. “I think the debt ceiling is a sensation on a personal level, but I think investors and even traders have a hard time ignoring it,” said Jeff Kjellberg, CEO of KKM Financial. Follow live market updates.
Speaker of the United States House of Representatives Kevin McCarthy (R-Calif.) speaks to reporters as he stands with congressional Republicans from both the House of Representatives and the United States Senate during an event addressing debt ceiling negotiations with President Joe Biden outside the US Capitol in Washington, US, May 17 . , 2023.
Nathan Howard | Reuters
Debt ceiling negotiations among the country’s top political leaders are expected to continue into the weekend, as they face a June 1 deadline, at which point the US could default on its bills. House Speaker Kevin McCarthy said Thursday he was optimistic the two sides could reach an agreement in time for a House vote next week. “I see the way in which we can reach an agreement,” he said. “And I think we have a structure now and everybody’s working really hard, and I mean, we’re working two or three times a day, and then we go back and get more numbers.” Both sides have been very taciturn about specific changes or concessions made, but all leaders agree that they are making progress.
HIROSHIMA, JAPAN – MAY 18: (L to R): British Prime Minister Rishi Sunak, European Commission President Ursula von der Leyen, Canadian Prime Minister Justin Trudeau, US President Joe Biden, Japanese Prime Minister Fumio Kishida and Italian Prime Minister Giorgia Meloni , European Council President Charles Michel, French President Emmanuel Macron and German Chancellor Olaf Scholz walk at the wreath-laying ceremony at the memorial to the atomic bomb victims in the Peace Memorial Park on the sidelines of the G7 summit on May 18, 2023.
pool | Getty Images News | Getty Images
The Group of Seven summit begins on Friday in Hiroshima, Japan. It is an annual meeting of the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and this year a lot of focus is on Russia’s invasion of Ukraine. The leaders agreed to ramp up pressure on Russia, commit to support Ukraine’s recovery budget and put pressure on the Russian economy. “We will starve Russia of G7 technology, industrial equipment and services that support its war machine,” the group said in a statement. Ukrainian President Volodymyr Zelensky is expected to join the leaders in Japan at the summit. Follow the CNBC live blog for updates on the war between Russia and Ukraine.
In an aerial view, Walt Disney World’s iconic Cinderella Castle is located on the theme park grounds on February 8, 2023 in Orlando, Florida.
Joe Riddle | Getty Images
Disney shirks – in part. The entertainment giant said Thursday that it will cancel plans to build a new campus in Lake Nona, Florida, in light of “changing business conditions.” The company has been embroiled in a battle with state governor (and hopeful 2024 presidential candidate) Ron DeSantis that has spilled over into the courts. The campus was scheduled to be completed in 2026 and would have seen more than 2,000 California employees relocate to Florida. The company says it will continue to invest $17 billion in the state and contribute an estimated 13,000 jobs, but for now, there is no ban for Lake Nona.
Elon Musk, CEO of Tesla, speaks with CNBC on May 16, 2023.
David A. Grosjean | CNBC
Twitter is accusing tech giant Microsoft of misusing its data in ways that “may have violated multiple provisions” of its agreement with Twitter. The dispute revolves around the Twitter Application Programming Interface (API), which allows developers to embed tweets into programs and software and access Twitter data. Twitter recently started charging for access to its API, which was previously free for some partners. And while Microsoft’s cloud and search products have recently used the API, Twitter claims that Microsoft last month “refused to pay even a discounted price for continued access to Twitter’s APIs and content,” according to a letter sent from Twitter owner Elon Musk’s attorney to the CEO. Microsoft Corporation and its Board of Directors.
– CNBC’s Alex Haring, Hakyung Kim, Christina Wilkie, Jihye Lee, Sarah Whitten, Laura Kolodny, Jordan Novet Contribute to this report.
– Follow the broader market actions like a pro CNBC Pro.
#stock #market #opens #Friday