After a long weekend, the US stock markets will open on Tuesday as they were closed on Monday for the Memorial Day holiday.
When the markets open on Tuesday, the primary attention will be on the agreement reached between President Joe Biden and Republicans to prevent a default on the US debt. As per reports, if there is no increase in the debt ceiling, the US government will exhaust its cash reserves by June 5th.
Futures look good ahead of trading
In the late hours of Monday, the futures contracts of the major U.S. stock indexes showed a slight upward movement. Over the weekend, a tentative agreement was reached between the Biden administration and Republican lawmakers to increase the U.S. debt ceiling.
According to multiple unconfirmed reports, it is stated that the bill to raise the debt ceiling will be presented before the House this week. House Speaker Kevin McCarthy is pushing for a Wednesday vote on the bill.
The final trading days of the month are expected to be eventful, with increased attention on the debt ceiling, employment-related data, housing data, and the performance of tech stocks.
Drone attacks on Moscow
Reports suggest that the Russian Federation is experiencing some action in its central region, as a few buildings in the capital city of Moscow have reportedly been damaged in a drone attack. This incident is anticipated to potentially impact Tuesday’s trading activities.
In the initial phases of Russia’s special operation in Ukraine, the markets witnessed significant instability.
Earning reports by HP Inc. and U-Haul Holding Company
On Tuesday, HP Inc. and U-Haul Holding Company are scheduled to release their quarterly earnings reports. HP Inc. anticipates its non-GAAP earnings per share for the fiscal second quarter to be in the range of 73 cents to 83 cents.
The estimated earnings according to Zacks Consensus is 76 cents, indicating a 29.6% decrease compared to the same quarter last year.
Elon Musk in China

Elon Musk’s long-awaited visit to China has generated significant interest and speculation. Musk is scheduled to meet senior Chinese officials and tour Tesla’s Shanghai plant. The specific purpose and topics of discussion during these meetings have not been disclosed.
Investors and traders will closely observe this meeting, as Elon Musk’s potential announcements could trigger significant stock movements in the automotive and electric vehicle sectors.
S&P Case-Shiller and FHFA House Price Indexes for March
On Tuesday, two housing market indexes will be released: the S&P Case-Shiller Home Price Index for March and the FHFA House Price Index for March.
The S&P Case-Shiller Home Price Index measures changes in the prices of residential properties across major metropolitan areas in the United States. It provides insight into the overall trends and fluctuations in home prices, indicating whether they are rising or falling.
Similarly, the FHFA House Price Index also tracks changes in home prices but focuses specifically on properties with mortgages backed by Fannie Mae and Freddie Mac. It provides a different perspective on the housing market and is often used by policymakers and economists to assess housing market conditions and trends.
Other major reports
On Tuesday, three key economic indicators will be released: the CB Consumer Confidence Index for May, the Dallas Fed Manufacturing Index for May, and the Euro Area Consumer Confidence for May.
The CB Consumer Confidence Index measures consumers’ optimism and sentiment about the overall state of the economy, which can impact their spending habits. Dallas Fed Manufacturing Index to be released on Tuesday will provide insight into the manufacturing sector’s health and activity within the region.