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U.S. President Joe Biden and House Speaker Kevin McCarthy might have reached a deal Sunday to raise the U.S. $31.4 trillion debt ceiling, but a handful of hard-right Republican lawmakers said on Monday they would oppose the deal, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week.
Central to the deal are general spending caps until 2024 and lower funding for the Internal Revenue Service.
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U.S. and U.K. markets were closed on Monday for Memorial Day and a bank holiday, respectively.
Futures tied to the Dow Jones Industrial Average added 72 points, or 0.2%, while S&P 500 futures gained 0.3%.
Nasdaq-100 futures climbed 0.5%. Investors have their eyes on U.S. May jobs data due on Friday, while the April Job Openings and Labor Turnover Survey from the U.S. Bureau of Labor Statistics will be released on Wednesday.
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Major central banks were expected to pause rate hikes toward the end of 2023, but the situation is now not so clear. Sticky core inflation, tight labor markets and a surprisingly resilient global economy are leading some economists to reassess. The U.K. government said it is engaging with the food sector amid attempts to reduce the inflation-driven strain on British households — but dismissed the possibility of mandating price caps on supermarket goods.
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Tesla Chief Executive Elon Musk is expected to visit China this week, three people with knowledge of the matter told Reuters, in what would be his first trip to the country in three years. Musk is reportedly due to meet senior Chinese officials and to visit Tesla’s Shanghai plant.
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