Debt ceiling concerns continue to weigh on the stock market as US shares remain mixed. The House recently passed a bill to raise the debt ceiling, but uncertainties still loom as the Senate still needs to approve the measure. Meanwhile, strong job data has failed to lift market sentiment.
S&P 500 futures have inched lower following the House’s passing of the debt ceiling bill. Investors remain cautious, as the bill still needs to pass the Senate to avoid a potential default on US government debt. This uncertainty has added to recent market volatility, with stocks sliding as a result.
Nvidia’s rise has offset some of the debt ceiling jitters, as the chipmaker’s stock has gained over 3% following news of a new partnership with Samsung. However, this has not been enough to lift the overall market sentiment, which remains tempered by the ongoing debt ceiling concerns.
Technical analysts are watching the VIX closely for any signs of a market reversal. The VIX recently printed a reversal candlestick amid key discussions on the debt ceiling, which could indicate a potential downturn in the market.
In Canada, stocks have also slid as the debt ceiling vote looms. The hot jobs data has failed to boost market sentiment, as investors remain wary of the ongoing uncertainties surrounding the debt ceiling.
Overall, the market remains cautious as investors await the Senate’s decision on the debt ceiling bill. While there are some positive developments, such as Nvidia’s rise, the uncertainty surrounding the debt ceiling continues to weigh on investor sentiment and market performance.