Stock Futures Rise as Debt Ceiling Talks Progress

Treasury Secretary Janet Yellen expressed optimism a default would be avoided

Deputy Editor
May 15, 2023 at 9:13 AM
facebook X logo linkedin

Stock futures are on the rise to start the week, after hints that the government has ramped up its efforts to reach a debt ceiling deal and avoid a default. Treasury Secretary Janet Yellen noted over the weekend that "negotiations are very active. I’m told they have found some areas of agreement." Elsewhere, the Empire State Manufacturing index fell sharply to negative 31.8 in May, reversing April's gains. 

Continue reading for more on today's market, including:

  • This solar stock cannot be stopped. 
  • You may have missed these stock market stories last week. 
  • Plus, SOFI downgraded; SHAK's activist investor buzz; and tailwinds for ALB. 

Futures May15

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 1.1 million put contracts exchanged on Friday. The single-session equity put/call ratio rose to 0.70 and the 21-day moving average stayed at 0.75.
  2. SoFi Technologies Inc (NASDAQ:SOFI) is down 6.6% premarket, after Wedbush downgraded the stock to "underperform" from "neutral," with a price-target cut to $2.50 from $5. Heading into today, the financial services name is up 8.9% year-to-date. 
  3. Shake Shack Inc (NYSE:SHAK) is up 4.1% in electronic trading, after news that activist investor Engaged Capital is planning a proxy battle for three board seats at the company. Should these gains hold, SHAK will nab fresh one-year highs. 
  4. Albemarle Corporation (NYSE:ALB) is up 2.2% before the bell, after Baird upgraded the lithium stock to "outperform" from "neutral," seeing both short- and long-term tailwinds ahead. Year-to-date, the lithium stock is down 9.7%. 
  5. Here is what to watch for economic data this week.  

OV Buzz Chart May 15

Stocks Higher in Asia, Europe 

Asian markets settled higher Monday. Hong Kong’s Hang Seng led the gainers, adding 1.8%, while China’s Shanghai Composite followed with a 1.2% pop. Japan’s Nikkei added 0.8%, ahead of this week’s Group of Seven summit that’s set to take place in Hiroshima, and South Korea’s Kospi managed a modest 0.2% gain after the trade deficit narrowed for a fourth-straight month.

Europe’s major bourses are also higher this afternoon, while traders in the region tune into Turkey’s presidential election. Incumbent President Tayyip Erdogan and his rival Kemal Kilicdaroglu both failed to take a majority of the vote, which could result in an unprecedented runoff vote. At last check, London’s FTSE and France’s CAC 40 are each 0.4% higher, while Germany’s DAX is up 0.2%.



Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI