Stock market news

Stocks rally as debt ceiling deal passes the House: Equities reversed yesterday's decline after the debt ceiling passed the House vote and now moves to the Senate ahead of the June 5 default deadline. The bill will suspend the debt ceiling until 2025, past the U.S. presidential election, and would impose restraints on government spending. Yet the impact on the overall U.S. economy is expected to be minimal, likely dampening growth next year by 0.1% - 0.2%. Also helping improve investor sentiment, European equities finished higher as inflation in the region fell more than expected with the consumer price index up 6.1% in May from 7% in April. Elsewhere, oil prices and industrial metals rose from six-month lows, on better China manufacturing data*

^{*Source: FactSet}

Tech continues to drive markets as investors await two key events: the U.S. debt-ceiling resolution and the June Fed meeting

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