STORY: Stovall said "we do think that the debt situation will resolve itself by June 5th. Doesn't mean, however, that the headwinds have turned into simply a light breeze, because now we have to focus on the the FOMC meeting in the middle of June."

He added "we initially thought that the Fed had hit the pause button after the May FOMC meeting based on some adjustments made to the the post meeting statement. But because of stronger than expected economic data, stickier than anticipated inflation results-- we also think that the employment numbers might be pretty good this coming Friday-- that as a result, the Fed probably will raise rates again in June by 25 basis points."