US futures pointed to a higher opening on Thursday after the House of Representatives passed a crucial deal aimed at averting a potential US default. The optimism was further fueled by hints from Federal Reserve officials suggesting a pause in interest-rate hikes. Futures tied to the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all showed positive movement, setting the stage for a potentially positive trading day.
US Futures Rise On “McCarthy” Deal
The House’s approval of the bill came as a relief to investors who had been growing increasingly concerned about the looming threat of a US debt default. Treasury Secretary Janet Yellen had warned that the default could occur as early as Monday, leading to growing apprehension in the markets. However, with a triumphant 314-117 vote in favor, the bill will now move to the Senate, followed by the President’s signature to finally make it a law.
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While US markets found reasons for optimism, the technology-heavy Nasdaq Composite experienced a minor setback. The buzz generated by the artificial intelligence hype — which has been a key driver of the recent Nasdaq rally — encountered a snag after Nvidia’s blowout earnings report last week. This development prompted some caution among investors in the tech sector, however, the overall sentiment remained positive.
Futures contracts linked to the S&P 500 rose 0.34%, while the Dow Jones Industrial Average gained 48 points or 0.2% and the technology-heavy Nasdaq Composite advanced by 0.76%.
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Crypto Market To Rally As Well?
The positive trajectory of US futures and the potential for a strong market opening can have a ripple effect on the broader cryptocurrency market. Despite a slight decline in the global crypto market cap by 0.43% and a notable 6.68% drop in total crypto volume at $32.07 billion over the last day — market participants continue to anticipate a turnaround and a possible rally in both equities and cryptocurrencies.
In fact, at the time of writing, Bitcoin’s price has witnessed a marginal increase of 0.35% while the price of Ethereum experienced a surge of 0.28% in the minutes leading up to the market opening. Most major altcoins followed a similar uptrend, with Polygon, Dogecoin and Litecoin securing maximum price appreciation due to the increased support from the community.
