US stocks are rising as investors await the outcome of debt ceiling negotiations.

The S&P 500 was up 1.1%, the NASDAQ Composite was up 1.6%, and the Dow Jones Industrial Average was up 332 points, or 1%, at 10:50 ET (14:50 GMT).

Although the debt ceiling deadline of early June still looms as Congress takes a break for the Memorial Day weekend, lawmakers look close to announcing a framework for an agreement.

According to Wally Adeyemo, the deputy Treasury secretary, parliamentarians are approaching an agreement. Uncertainty has affected stocks this week, and the S&P and the Dow are expected to have their worst weeks in about two months.

As debt ceiling negotiations in Washington have dragged on despite the June 1 deadline looming, the S&P and the Dow are on track for their worst weekly performance in more than two months.

The Federal Reserve’s favoured inflation indicator, the personal consumption expenditures price index, reported a 0.4% increase in April, as predicted. When volatile food and energy are excluded, the core PCE price index increased by 0.4% last month, exceeding the 0.3% consensus estimate.

In May, consumer sentiment in Michigan was 59.2, higher than projected but lower than the previous figure.

More futures traders now anticipate that the Federal Reserve will raise interest rates by another quarter of a percentage point when it meets next month. Only about half of traders anticipate a pause.

After announcing that its electric vehicle customers would have access to Tesla’s superchargers in North America early next year, Ford Motor Company (NYSE:F) stock increased by 7%.

Shares of casual clothing retailer Gap Inc (NYSE:GPS) increased 9.8% after the company announced a surprise first-quarter profit, while shares of beauty retailer Ulta Beauty (NASDAQ:ULTA) fell 11% as a result of the company cutting its operating margin outlook for the year.

Marvell Technology Group Ltd. (NASDAQ:MRVL) shares increased 27.8% after the company forecasted its artificial intelligence-related revenue to grow.