US equities set for a flat start after House passes debt ceiling legislation

Welcome to June.

I wrote about the June seasonal biases in stock markets yesterday, so you'll want to check that out. So far, though, there's no bias at all to the open with futures flat.

May performance:

• Dow industrial average -3.49%
• S&P index +0.25%
• NASDAQ index +5.8%

The House passed the debt ceiling bill by a vote of 317-117 as the foolish drama around it largely ends. The Senate will have to rush through a bill but leaders of both parties want it passed within 48 hours.

Shares of Macy's are one stock in focus after the company lowered it full year outlook and warned about significant weakness in March sales. Jeff Gennette, Macy's Chairman & CEO:

"... We planned the year assuming that the economic health of the consumer would be challenged, but starting in late March, demand trends weakened further in our discretionary categories... We have moved quickly to take the appropriate actions to meet current consumer demand and manage our expenses. Our revised guidance reflects incremental clearance markdowns to address excess spring seasonal merchandise in the second quarter, along with adjustments to the category composition and inventory levels in the back half of the year."

I don't like the sound of that and neither does the market with shares down 10%.

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