Stocks rose Friday morning as investors eye updates in the ongoing debt ceiling debate and digest a better-than-feared first-quarter earnings season.
The S&P 500 (^GSPC) rose 0.20%, while the Dow Jones Industrial Average (^DJI) edged up 13 points, or 0.04%, higher. Technology-heavy Nasdaq (^IXIC) rose 0.15%.
Stocks have risen as the debt debate appears to be making progress in Washington.
“I see the path that we could come through,” House Speaker Kevin McCarthy told reporters on Thursday morning. He added: “It’d be important to try to have the agreement, especially in principle, by sometime this weekend.”
The moves higher on Friday morning are an extension of week long gains, primarily led by big tech. On Thursday, Netflix (NFLX), Apple (AAPL), Alphabet (GOOGL), Meta (META), Microsoft (MSFT), and Nvidia (NVDA) all finished at their highest levels in at least a year.
Shares of Deere & Company (DE), the parent company of John Deere, rose 4% on Friday as the company upped its profit outlook for the fiscal year. The maker of tractors and other farming equipment beat Wall Street estimates for both revenue and earnings.
“Deere continues to benefit from favorable market conditions and an improving operating environment,” Deere & Company CEO John C. May said in the company’s earnings release. “Though supply-chain constraints continue to present a challenge, we are seeing further improvement.”
Meanwhile, Foot Locker (FL) shares tanked 27% at the open, their biggest drop since February 2022, as the footwear retailer slashed its full-year guidance for earnings per share from a prior range of $3.35-$3.65 to a new range of $2.00-$2.25. The company also missed Wall Street’s quarterly estimates for revenue and earnings per share while comparable sales declined 9% from the same period a year prior.
“Our sales have since (March) softened meaningfully given the tough macroeconomic backdrop, causing us to reduce our guidance for the year as we take more aggressive markdowns to both drive demand and manage inventory,” Foot Locker CEO Mary Dillon said in the company’s earnings release.
A quiet economic data day will be headlined by expected commentary from Federal Reserve chair Jerome Powell and former Fed Chair Ben Bernanke at an event in Washington, D.C. Investors will be closely watching for any indications on the Fed’s next interest rate move.
Josh is a reporter for Yahoo Finance.
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