A mixed market is kicking off this holiday shortened week. Investors are reacting to news over the weekend that President Biden and House Speaker McCarthy reached a debt ceiling deal; however, uncertainty remains until the deal passes Congress.

On the economic front, Consumer Confidence and Expectations fell again in May, dragged down by a decline in how Americans perceive the job market.

Another disappointing data report, Dallas Fed Manufacturing Survey, contracted for the thirteenth straight month. Economists were expecting a bounce in May (actual -29 vs. consensus -18), but it didn’t happen.

The respondents’ remarks say it all:

Four sectors in the S&P 500 are hanging onto gains, while seven are trading lower with Energy and Consumer Staples down more than 1.1%.

NVIDIA (NVDA) rallied over 5%, hitting a $1 trillion market cap this morning after CEO Jensen Huang unveiled a host of new AI-related products and services yesterday.