Why Carnival Shares Are Seeing Blue Skies During Thursday's Session

Carnival Corp CCL CUK shares are trading higher by 4.54% to $11.74 Thursday afternoon. The stock is gaining amid overall market strength following House passage of a debt limit bill. 

The approval of the Fiscal Responsibility Act by the House increases the likelihood of its passage before the June 5 default date.

Additionally, traders have revised down rate hike expectations in June due to dovish comments from Fed members.

What's Going On In The Broader Market?

The U.S. stock market rallied on Thursday, as traders revised down their expectations for a Fed rate rise in June, after more dovish-than-expected comments by Fed members in the past days.

According to Jefferson, the Fed is expected to keep interest rates steady in June in order to better assess the economic outlook. Harker, who is also a member of the FOMC, echoed his comments, adding, "I think we can take a bit of a skip for a meeting."

Meanwhile, investors welcomed the approval of the Fiscal Responsibility Act of 2023 by the House of Representatives by a vote of 314-117. The measure has been sent to the Senate and is quite likely to pass before the June 5 default date.

According to data from Benzinga Pro, CCL has a 52-week high of $14.06 and a 52-week low of $6.11.