The major indexes crept higher as investors eyed an end to the debt ceiling negotiations.
While House Speaker Kevin McCarthy said a deal had not been reached as he left the Capitol Thursday night, the White House and McCarthy are reportedly close to a deal as of Friday morning. The proposed deal would raise the U.S. debt ceiling for two years.
Earnings season is also coming to a close, with a handful of stocks reporting.
Clothing retailer The Gap Inc. (NSE: GPS) knocked earnings estimates out of the park, with a slight miss on revenue. Its stock rose 12% on the news. Marvell Technology Inc. (Nasdaq: MRVL) beat both earnings and revenue estimates, sending shares up 15%.
In this morning’s stock market recap video, I’ll discuss how algos are affecting several key sectors and what to watch out for… what this week’s data says about inflation… what current momentum levels are telling us about near-term market conditions… how the debt ceiling negotiations are shaking out… plus what I’m watching for a shortened trading week following Memorial Day weekend!
Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!
P.S. Don’t Miss This ‘Long Weekend Effect’ Trading Session
Today is a big day for something fellow trader Lance Ippolito likes to call “Long Weekend Effect” trades.
These are the trades he takes before a long holiday weekend.
And when the market is closed on a Monday, this extra day of time allows his favorite trades an extra day to move!
In the past, this phenomenon has been extremely powerful.
And Lance is so excited to trade this coming Memorial Day weekend that he’s holding a special live trading session at 1:30 p.m. ET today, May 26!
Save Your Seat Here
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.
Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details.
On Fridays, we’ll review the week that was… We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to firstname.lastname@example.org!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.