the midterms. The first is the need to pass a longer-term funding bill by December 9 to keep the lights on in Washington. And the second is the need to raise the debt ceiling before December 15 to avoid a default on the nation’s debt.Read more here. Thu, September 26, 2024 at 10:20 AM EDTUS stocks open higher, S&P 500 near record highUS stocks opened higher on Thursday, with the S&P 500 (^GSPC) trading near its record high. The Dow Jones Industrial Average (^DJI) rose 0.3%, while the S&P 500 (^GSPC) gained 0.2%, and the Nasdaq Composite (^IXIC) added 0.1%.Investors are digesting a slew of positive updates, including solid US economic data, Micron’s (MU) upbeat earnings, and China’s pledges of more stimulus. Fed Chair Jerome Powell is also expected to deliver a statement Thursday, along with other Fed speakers. Thu, September 26, 2024 at 9:50 AM EDTMicron shares jump after earnings beatMicron Technology (MU) shares jumped more than 13% in early trading on Thursday after the chipmaker reported better-than-expected quarterly earnings.Micron reported adjusted earnings per share of $2.17 on revenue of $7.99 billion, beating Wall Street expectations for EPS of $2.10 on revenue of $7.88 billion. For the current quarter, the company expects revenue of $8.1 billion, ahead of analysts’ estimates of $7.95 billion.Read more here. Thu, September 26, 2024 at 9:30 AM EDTS&P 500 futures point to higher openS&P 500 futures pointed to a higher open on Thursday, with the index set to extend its recent gains. Dow futures rose 0.3%, while S&P 500 futures and Nasdaq futures gained 0.2% each.Investors are awaiting a slew of updates, including US GDP data, weekly jobless claims, and more earnings releases, including Micron (MU) and Costco (COST).Thu, September 26, 2024 at 9:00 AM EDTUS jobless claims hit lowest level in four monthsThe number of Americans filing new claims for unemployment benefits unexpectedly fell last week to the lowest level in four months. Initial claims for state unemployment benefits dropped by 24,000 to a seasonally adjusted 242,000 for the week ended September 21, the lowest level since early May.Economists polled by Reuters had forecasted 260,000 new claims for the latest week. The data suggests a tightening labor market, with employers holding onto workers despite a recent slowdown in job growth.Read more here. Thu, September 26, 2024 at 8:30 AM EDTUS economy grew 6.1% in Q2, beating expectationsThe US economy grew at a stronger-than-expected pace in the second quarter, according to the final estimate released by the Bureau of Economic Analysis (BEA). Gross Domestic Product (GDP) increased at an annual rate of 6.1% in the April-June quarter, up from the previously reported 6.0% growth and beating economists’ expectations for a 6.0% increase.The upward revision was driven by larger increases in personal consumption expenditures, exports, and nonresidential fixed investment. The strong growth in the second quarter was driven by a surge in consumer spending, government stimulus, and business investment.Read more here. Thu, September 26, 2024 at 8:00 AM EDTFed Chair Jerome Powell to speak ThursdayFederal Reserve Chair Jerome Powell is scheduled to deliver a statement Thursday morning at a virtual event hosted by the Federal Reserve Bank of Cleveland. Powell will be joined by other Fed officials, including Cleveland Fed President Loretta Mester and Atlanta Fed President Raphael Bostic.Investors will be listening closely to Powell’s remarks for any clues on the central bank’s future monetary policy decisions, particularly regarding interest rates and the tapering of asset purchases. The Fed is widely expected to begin tapering its bond-buying program later this year, with a potential interest rate hike in 2023.Read more here.