Wall Street Today | Biden and McCarthy to Meet Monday on Debt Ceiling
MACRO
Biden and McCarthy to Meet Monday on Debt Ceiling
President Joe Biden and House Speaker Kevin McCarthy (R., Calif.) will meet again Monday afternoon to try to find a deal to avoid a U.S. default after their aides meet again later today to try and hammer out remaining issues, the White House said.
Yellen Doubts US Could Still Pay All of Its Bills by June 15
Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of the White House reaching a deal with Republicans to raise the debt limit.
Fed's Powell Says Progress on Bringing Down Inflation Will Be Slow
Federal Reserve Chair Jerome Powell on Friday said his colleagues think that it will take some time to bring inflation back to the central bank's 2% target. "The data have continued to support the FOMC's view that bringing inflation down will take some time," Powell said during a moderated appearance alongside former Fed chief Ben Bernanke.
SECTORS
As the Nasdaq Recovers Half of Its Bear Market Losses, Signs of Broader Strength Emerge
$Nasdaq Composite Index(.IXIC.US$ has now recaptured just over half of its bear-market losses from the November 2021 closing high to its fourth-quarter 2022 low. The $Nasdaq Composite Index(.IXIC.US$ has been in a long-term structural uptrend relative to the S&P 500 for the past decade. As this chart shows, the index burst to a huge upside overshoot of this trend during and after the Covid pandemic, then broke down below it. Now it's returned to that post-2013 channel, for what it's worth, according to analyst Michael Santoli.
COMPANY
SpaceX Launches Crew of Private Astronauts to Space Station
SpaceX launched four private astronauts en route to the International Space Station on May 21, 2023, including the first woman from Saudi Arabia to travel to space.
Exxon Joins Hunt for Lithium in Bet on EV Boom
$Exxon Mobil(XOM.US$ is bracing for a future far less dependent on gasoline by drilling for something other than oil: lithium. The company recently purchased drilling rights to a sizable chunk of Arkansas land from which it aims to produce the mineral, a key ingredient in batteries for electric cars, cellphones and laptops, according to people familiar with the matter.
Meta Platforms Advances AI Infrastructure, Including Chip
$Meta Platforms(META.US$ said Thursday it is advancing its artificial intelligence infrastructure of the company, including an in-house, custom accelerator chip family targeting inference workloads.
The company also said its next-generation data center design will support its current products while enabling future generations of AI hardware for both training and inference.
Source: Bloomberg, Dow Jones, CNBC
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