Will President Biden Speech Impact The Stock Market?

"President Biden will urge raising the debt ceiling and may signal whether he might support more conversations with Republicans. Surprises are possible, but historically most SOTU speeches see less than a 1% move in the stock market on the following day. One reason that could happen again this year is that the themes Biden will address may sound familiar but face low odds of passage in a Republican-controlled House. The Chinese spy balloon dominated the news over the weekend. Even as growth slows elsewhere, China’s reopening rebound continues. Friday’s payrolls are not the only brighter economic data, but that doesn’t mean the global recession has ended," says Jeffrey Kleintop.