- On Wednesday, May 17, 2023, markets rallied on optimism about US debt limit discussions and regional banks.
- Tesla stock rose when Elon Musk said that the electric vehicle manufacturer will begin advertising.
- Wheat and maize prices fell after a pact enabling grain supplies from Ukraine was extended.
US markets rose after President Biden and House Speaker McCarthy said that the US would not default as long as talks to raise the country’s borrowing ceiling continue.
A report from Western Alliance Bancorporation (WAL) indicating a significant rise in deposits added to the good vibes. The Dow, S&P 500, and Nasdaq all increased by more than 1%.
Regional bank stocks soared in response to the Western Alliance announcement, with Comerica (CMA) and Zions Bancorporation (ZION) leading the S&P 500 higher. Goldman Sachs (GS), JPMorgan Chase (JPM), and other significant banks’ shares increased as well.
Tesla (TSLA) shares rose 4% after CEO Elon Musk informed shareholders that the electric car manufacturer would begin promoting its goods and will deliver the first Cybertruck this year. Wynn Resorts (WYNN) stock rose after an analyst upgrade.
Target (TGT) stock rose after the company beat profit and sales projections. Keysight Technologies (KEYS) shares rose after the company reported better-than-expected earnings. Cruise lines, airlines, and other travel-related industries saw their stock prices rise.
Intel (INTC) and Merck (MRK) were the only Dow equities to decrease by more than 1%. Everest Re Group (RE) stock fell after the reinsurer revealed intentions to fund $1.5 billion for development. EVgo (EVGO) shares fell after the operator of electric car charging stations announced a $125 million stock sale to assist cover general corporate expenditures.
Wheat and maize futures fell on the renewal of a deal with Russia that permits food to be delivered out of Ukraine. Oil futures rose more than 2%. Gold prices have fallen. The 10-year Treasury note’s yield has risen. The US dollar gained momentum against the euro and yen while losing ground versus the pound. Most major cryptocurrencies rebounded and traded higher in the afternoon.