Stocks soar on debt-ceiling progress and positive economic data.

US stocks surged on reports of a potential deal to raise the debt ceiling for two years, with the Nasdaq Composite leading the gains. The Fed's preferred inflation gauge showed a rise in price pressures in April. Marvell stock jumped as the chipmaker said AI technology is a "key growth driver" for the company. JPMorgan is reportedly working on an AI-powered investing tool. A US hedge fund has likely gained $5 billion on Nvidia stock as the AI boom continues. Bitcoin advanced by 1%.