5 Things to Know Before Markets Open

News of the day for May 9, 2023

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President Biden will meet with Congressional leaders to try and resolve raising the nation's debt limit to avoid default. Here’s what investors need to know today.

1. President Biden Meets With Congress on Debt Limit

Expectations are low for today’s debt ceiling meeting between President Joe Biden, House Speaker Kevin McCarthy, and other congressional leaders at 4 p.m. ET after the White House said it wasn’t a negotiation session. Biden has scheduled a speech for later this week to criticize Republicans over the debt-ceiling fight and highlight the spending cuts they are pushing. Senate Republican leader Mitch McConnell, one of the meeting participants, said that there is no “secret plan” to solve the debt limit issue but that he believed it would be resolved before the June 1 default date.

2. Saudi Aramco Increases Dividend, Beats Expectation With 19% Drop in Profit

Saudi state oil company Aramco reported a 19% drop in first quarter earnings, but its $31.9 billion in profits were better than analyst forecasts of $30.5 billion, which factored in the impact of higher inflation and rising interest rates. Saudi Aramco announced it would increase its dividend, helping send shares up by more than 3%.

3. China’s Slower Growth in Exports Shows Global Trade Troubles

China’s imports shrank and its exports rose at a slower pace in April, showing that global trade could be cooling. China’s economy still grew faster than expected in the first quarter due to the service economy, but factory production slowed and lagging trade numbers show that the world’s second-largest economy is still struggling to return to pre-pandemic levels.

4. Lucid Shares Fall After Poor Earnings Raise Profitability Worries

Lucid Motors (LCID) shares were down more than 8% in pre-market trading after the luxury electric automaker missed quarterly earnings and revenue, sparing concerns about profitability and production. The California-based pure-play EV maker said it was on track to produce 10,000 vehicles in 2023 and that it had enough cash to continue operations into 2024.

5. Shares of Government Software Provider Palantir Soar After Revenue, Customer Growth

Palantir (PLTR) shares rose more than 25% in pre-market trading after the software company’s earnings beat expectations and it said it expects to be profitable through the end of the year. The company that primarily works with the government reported only its second ever quarterly profit, while also reporting an 18% growth in revenue and a 50% growth in its domestic customer base.

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  1. Wall Street Journal. “Biden, GOP Lawmakers Not Budging as Debt-Ceiling Meeting Convenes.”

  2. CNBC. “Oil giant Saudi Aramco posts 19% drop in first-quarter profit.”

  3. Reuters. “China's shrinking imports, slower exports growth darken economic outlook.”

  4. Yahoo Finance. “Lucid earnings: EV-maker reports revenue, profit miss; targets 10,000 units produced this year.”

  5. CNBC. “Palantir soars on earnings beat and prediction of full-year profitability

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