Week of 06/05-06/09 Market Surge, Tesla partnership with GM

The stock market closed higher to end the week with the S&P 500 reaching the 4300 level for the first time since summer last year. Investors are anticipating a pause on interest rate hikes from the Federal Reserve next week. This comes with recent economic data coming in with better than expected results and giving investors a bullish sentiment for the upcoming months. Tesla and GM announced a deal where GM agreed to adopt Tesla's fast chargers for their electric vehicles. This will make Tesla's proprietary charger technology the standard in EV charging since between both car markers they make up 60% of the country's EV market. There is definitely still a lot of work that needs to be done to make this integration seamless between car manufacturers, but the agreement is the first step towards the EV market's future. This announcement sent both GM and Tesla stock soaring after hours Thursday afternoon. With the debt ceiling deal completed and technology stocks lifting the market, the focus is now on what the Federal Reserve will do in their next meeting on June13th-14th in regards to interest rates.