"We have been impressed by the resilience of this market since the March low, absorbing a relentless onslaught of negative sentiment and headlines," said Craig Johnson, chief market technician at Piper Sandler.
Investors are closely watching a bill that would raise the debt ceiling and cut government spending. The measure passed a key procedural hurdle in the House on Wednesday, clearing its path toCongress is rushing to approve the measure by Monday, the earliest date the U.S. risks a sovereign default. "While a deal in Washington could be a catalyst for a breakout, overbought conditions in the technology sector and mega-cap space … could make this a high hurdle for the market to clear on a near-term basis, especially without broader participation," said Adam Turnquist, chief technical strategist at LPL Financial.
Beyond the debt ceiling battle, investors are looking ahead to the Federal Reserve's June 13-14 policy meeting as another possible market catalyst. Philadelphia Fed President Patrick Harker said Wednesday that he's leaning toward skipping a rate hike at the upcoming gathering. However, he added that Friday's payrolls report could change his mind.
A slew of economic data is set for release Thursday, including weekly jobless claims and the purchasing managers' index.Check out the companies making headlines after the bell
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