Traders
on
the
floor
of
the
NYSE,
May
17,
2023.
Source:
NYSE
Stock
futures
retreated
slightly
on
Sunday
evening
as
traders
monitored
the
negotiations
over
the
U.S.
debt
ceiling.
Futures
for
the
Dow
Jones
Industrial
Average
ticked
down
48
points,
or
about
0.1%.
S&P
500
futures
dipped
about
0.2%,
and
Nasdaq
100
futures
also
shed
0.1%.
Stocks
rose
last
week
despite
the
uncertainty
in
Washington.
The
Nasdaq
Composite
climbed
3.04%,
while
the
S&P
500
gained
1.65%.
The
Dow
added
0.38%.
President
Joe
Biden
and
House
Speaker
Kevin
McCarthy,
R-Calif.,
are
set
to
meet
Monday
to
continue
negotiations.
Treasury
Secretary
Janet
Yellen
has
said
the
U.S.
could
default
on
its
debt
as
early
as
June
1.
The
market
has
continued
to
grind
higher,
led
by
tech
stocks,
even
in
the
face
of
a
potential
debt
default
and
stubborn
inflation.
Bank
of
America
strategist
Savita
Subramanian
on
Sunday
hiked
her
year-end
target
for
the
S&P
500
to
4,300
from
4,000,
saying
that
the
focus
of
companies
on
efficiency
would
make
earnings
more
stable
and
that
stocks
were
not
overvalued.
“Current
valuations
are
not
low,
but
rarely
are
low
during
profits
recessions.
On
cyclically
adjusted
earnings,
valuations
argue
for
price
returns
of
5%
per
year
for
the
S&P
500
over
the
next
decade,”
Subramanian
said
in
a
note
to
clients.
The
first-quarter
earnings
season
is
winding
down,
but
there
are
a
few
notable
reports
in
the
coming
days,
with
Zoom
Video
on
Monday
and
Lowe’s
and
Dick’s
Sporting
Goods
on
Tuesday.
The
upcoming
week
has
a
relatively
light
slate
of
economic
data,
highlighted
by
a
second
reading
for
first-quarter
GDP
on
Thursday
and
the
personal
consumption
expenditures
inflation
gauge
on
Friday.
The
release
of
the
Federal
Reserve
meeting
minutes
on
Wednesday
could
also
shed
light
on
how
central
bankers
are
thinking
about
the
possibility
of
further
rate
hikes.
Traders
will
also
be
keeping
an
eye
on
JPMorgan
Chase’s
investor
day
on
Monday.