Wall Street Today | Fed Traders Fully Price In an Interest-Rate Hike Once Again

The rate on swap contracts linked to the July gathering climbed to 5.37% on Thursday, more than 25 basis points above the current effective fed funds rate, before coming back to 5.34% late in New York.

The Fed tends to move in multiples of 25 basis points, so that indicates such a decision is seen by the market taking place either in July or at the Federal Open Market Committee's next meeting in June. The June contract showed around 14 basis points priced in, suggesting a better than even chance the hike would take place at that meeting.

U.S. President Joe Biden and top Republican lawmaker Kevin McCarthy are edging close to a deal on the U.S. debt ceiling, with the parties just $70 billion apart on discretionary spending, according to a person familiar with the talks.

What is likely to emerge will not be a hundreds-page long bill, but a slimmed-down agreement with a few key numbers, this source and another person briefed on negotiations said.

Exchange-traded funds tracking companies that are linked to artificial intelligence may see their assets grow three-fold to $35 billion by 2030, a report by Bloomberg Intelligence shows.

Cathie Wood's flagship exchange-traded fund closed out its Nvidia Corp. stake in early January. The chipmaker has added around $560 billion in market capitalization since Wood dumped her shares — with the last $200 billion of that surge coming overnight after the company handily beat earnings.