Artificial intelligence stocks continued to lead the stock market higher on Tuesday, with shares of Nvidia jumping to a record $1 trillion valuation.
US stocks finished mixed on Tuesday, after paring earlier gains as investors await completion of the recent debt ceiling deal made between House Speaker Kevin McCarthy and President Joe Biden.
The deal would raise the debt ceiling until January 2025 and includes various spending cuts and deficit reduction measures, including keeping non-defense discretionary spending roughly flat in 2024, with only a 1% increase in 2025.
The deal will allow the US to avoid the fast-approaching „X-date,“ when the Treasury runs out of money to pay its bills. Treasury Secretary Janet Yellen estimates that day could come on June 5.
The deal still has to be voted on and passed in the House and Senate chambers of Congress before going to Biden for his signature.
