5 Things to Know Before Markets Open

News of the day for May 19, 2023

Jerome Powell

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President Biden said he was confident that negotiators would reach a deal on the debt ceiling and Fed Chair Jerome Powell is set to speak on monetary policy. Here’s what investors need to know today.

1. Fed Officials Set to Speak on Monetary Policy

Federal Reserve Chair Jerome Powell will speak on a panel on “Perspectives on Monetary Policy” at 11 a.m. ET in Washington, D.C. Investors will likely watch for signals in Powell’s remarks on whether the Fed will continue to raise interest rates or pause at its next meeting on June 14. Federal Reserve Bank of New York President John Williams will speak at the same event at 8:45 a.m. ET and Federal Reserve Board Governor Michelle Bowman will speak at 9 a.m. ET at a separate event.

2. Biden Urges Negotiators to Keep Up Progress in Debt Ceiling Talks

In a 20-minute call from Japan, President Joe Biden urged negotiators to keep making progress in debt ceiling negotiations, saying he was confident they would reach a deal in time. House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer are also indicating that they believe a deal may be ready ahead of the government’s June 1 debt ceiling deadline.

3. Deere Shares Surge After Earnings Beat, Higher Outlook

Shares of Deere & Co (DE) were up more than 6% in pre-market trading after it beat expectations with its fiscal second quarter results and raised its net income outlook. The maker of agricultural equipment reported earnings of $9.65 a share, up from $6.81 from the same period a year ago, and was ahead of the analysts expectations of $8.58. All three business segments delivered higher shipment volumes and higher prices.

4. Supreme Court Rules for Sanofi in Patent Dispute with Amgen

The U.S. Supreme Court ruled that Amgen (AMGN) should not have been granted a patent for its cholesterol drug Repatha, providing a victory to rival pharmaceutical maker Sanofi (SNY). The unanimous opinion is expected to make it more difficult for pharmaceutical firms to obtain broadly-worded patents in an effort to block competitors from the market. It ends patent infringement lawsuits that Amgen had brought against Sanofi.

5. Disney Cancels Florida Facility Amid Governor Dispute, Cost Cutting Measures

Walt Disney (DIS) will scrap plans to build a $900 million facility, allowing about 2,000 employees to remain in California. It also said it would close a Star Wars hotel at its Florida theme park. The announcement comes amid the media giant’s fight with Florida Gov. Ron DeSantis and follows a February announcement that the company would cut $5.5 billion in costs and lay off 7,000 workers.

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  1.  Reuters. “DIARY-Top Economic Events to July 27.”

  2. Bloomberg. “Biden Pushes Momentum in Debt Talks as He Begins Summit in Japan.”

  3. MarketWatch. “Deere’s stock powers up after profit and sales beat expectations by wide margins, with growth in all business segments.”

  4. Wall Street Journal. “Sanofi Wins Supreme Court Patent Dispute With Amgen.”

  5. Wall Street Journal. Disney Scraps Plan for $900 Million Florida Campus, Closes 'Star Wars' Adventure Hotel

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