Futures up on optimism over debt ceiling talks

May 15 (Reuters) – U.S. stock futures rose on Monday amid optimism over a possible debt limit deal. At the same time, investors are waiting for the Fed’s comments during the week.

Dow futures were up 0.37% at 14:57 GMT, the S&P 500 was up 0.34%, the Nasdaq 100 was up 0.24%.

US President Joe Biden said on Sunday that he expected to meet with representatives of Congress on Tuesday to negotiate an increase in the amount of public debt and prevent a catastrophic default.

Several months of standoff in Washington have added to concerns about the global economy as a new unbiased report from Congress puts it at “significant risk” of a historic default in the first two weeks of June.

This week, investors are focused on comments from a number of Fed officials in various forums, including Friday’s speech by Chairman Jerome Powell.

ONEOK Inc’s shares fell 4.3% over the counter after the company agreed Sunday to buy U.S. pipeline operator Magellan Midstream Partners in an all-cash deal worth about $18.8 billion, including debt. Magellan jumped by 14.6%.

US-listed Chinese shares Alibaba Group Holding, Baidu Inc and JD.com Inc gained between 1.9% and 2.9% on hopes for more stimulus.

Alphabet Inc, the owner of Google, fell 1% on reports that Loop Capital downgraded the company’s stock from buy to hold, while Meta Platforms Inc was up 1.2% after the company upgraded to “buy”. with “hold”.

The original message in English is available at the code: (Shreyashi Sanyal and Shristi Achar A in Bangalore)