Day Traders Diary

5/22/23

The major averages closed mixed to start the week as Wall Street awaits a debt ceiling deal to avert a default. The Dow Jones Industrial Average fell 14 points. The S&P 500 closed up 55 cents while the Nasdaq Composite rose 62 points.  

President Joe Biden and House Speaker Kevin McCarthy are set to meet later today to continue debt ceiling talks, with just 10 days left before the earliest date that Treasury Secretary Janet Yellen said the U.S. could realistically default.

Major averages are coming off a winning week led by tech stocks as the overall market continues to grind higher despite uncertainty in Washington and sticky inflation and higher interest rates.

This will be a relatively light week for economic data, with a second reading for first-quarter GDP slated for Thursday and the personal consumption expenditures gauge, the Federal Reserve's preferred inflation measure, due Friday.

The release of Fed minutes on Wednesday from the May meeting could shed light on how central bankers are thinking about the possibility of further rate hikes.

First-quarter earnings season are winding down, but notable reports loom from Zoom Video

, Lowe's, and Dick's Sporting Goods.