STARTRADER Monday’s Market Update 29-05-2023

The US indices opened today with upward price gaps after President Joe Biden and Republican House Speaker Kevin McCarthy reached a preliminary agreement on raising the debt ceiling. The agreement includes cuts to certain aspects of federal spending. Investors are still closely monitoring the US negotiations regarding the deal, which is progressing but in a “sensitive stage,” according to Republican Representative Patrick McHenry.

Crude oil prices rose as the market assessed mixed messages regarding supplies from Saudi Arabia and Russia ahead of the next OPEC+ meeting on production policy.