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Stocks turned higher after Speaker Kevin McCarthy told reporters the House of Representatives could vote on a debt-ceiling deal as soon as next week.
Stocks were mostly higher. The S&P was up about 0.2%. The Dow industrials were down 0.5%, while the Nasdaq was 0.9% higher.
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MarketWatch:
PacWest & Western Alliance-The regional banks were up
Walmart (WMT): The stock was up 0.4%
Netflix (NFLX): The streaming stock rose 10%
Micron (MU): shares gained more than 4%
Cisco Systems (CSCO): Shares fell 0.3%
Sony (SONY): shares rose more than 3%#stocks pic.twitter.com/JVegLHj9Kk— The_Journalbiz (@the_journalbiz) May 18, 2023
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PacWest (PACW) and Western Alliance (WAL): The regional banks were up in afternoon trading, building on rallies Wednesday when Western Alliance soothed investors’ nerves by saying deposits have been growing this quarter.
Walmart (WMT): The stock was up 0.4% after the retailer posted stronger-than-expected profit and revenue and raised its full-year profit outlook.
Netflix (NFLX): The streaming video company’s stock jumped more than 9%, on pace for its highest close since April and its largest percentage increase since October.
Micron (MU): The U.S. chipmaker said it received support from the Japanese government to invest up to $3.6 billion in an advanced technology known as extreme ultraviolet lithography. Its shares gained more than 4%.
Cisco Systems (CSCO): The maker of networking equipment said supply-chain bottlenecks and weak macroeconomic conditions weighed on demand for its new products. Shares fell 0.3%.
Sony (SONY): The Japanese company’s American depositary receipts rose more than 3% after Sony said it was considering a spinoff of its financial unit and planned to buy back up to $1.45 billion of stock.
