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3 hours ago
According to RBC’s Lauri Calvacina, these are the sectors most likely to be hit hardest by raising the debt ceiling.
Investors turned their attention to the debt ceiling as the next potential sign of a market downturn when President Joe Biden and House Speaker Kevin McCarthy met Monday night.
The financials, energy, materials and industrials sectors were among the worst performers in the S&P 500 in past debt-ceiling draws, RBC Capital Markets’ Lori Calvacina said on CNBC’s “Fast Money” program Monday night. It cited the company’s analysis of cuts around the debt ceiling dating back to 2011.
Defensive sectors performed best during these declines, with healthcare underperforming in this sector. The tech and growth sectors were “nicely in the middle,” said Calvacina, RBC’s head of US equity strategy.
She added: “I think technology hurts, but it will probably hold up better than some of those cyclical-oriented areas if we don’t get a deal.”
– Darla Mercado
4 hours ago
McCarthy and Biden meet as the markets debt ceiling approaches
President Joe Biden and House Speaker Kevin McCarthy spoke to reporters when they were due to meet about the debt ceiling.
Biden said he hoped for progress and stressed the need to ensure tax loopholes are closed so that the wealthy pay their fair share of taxes. McCarthy said he looks forward to finding common ground, having said earlier in the day that decisions need to be made at the meeting.
Investors watched updates on the progress of debt ceiling negotiations as they worried about what a bankruptcy could mean for the economy.
– Alex Haring
4 hours ago
Yellen’s latest guidance: “Most likely” Treasury won’t be able to cover debt in early June
Treasury Secretary Janet Yellen just released a new letter to congressional leaders with updated guidance on the earliest date the United States may be at significant risk of default.
The date remains June 1 in the New Testament, the same date since early May. But the new letter contains two major differences from a very similar letter written by Yellen on May 15.
“With another week of information available, I am writing to indicate that we estimate it is highly likely that the Treasury Department will be unable to meet all of the government’s obligations if Congress does not act to increase or suspend debt. limit early June, possibly early June 1,” Yellen wrote.
The expression “high probability” is new. That was just “probably,” Yellen wrote last week.
Yellen also deleted an entire sentence from last week’s letter saying emergency measures currently being taken by the Treasury Department could help bring forward the June deadline.
“The actual date when the Treasury Department will exhaust the extraordinary measures may be several days or weeks after these estimates,” said Yellen’s May 15 letter to congressional leaders.
The new letter comes as President Joe Biden is about to meet face-to-face with Speaker of the House Kevin McCarthy as part of an increasingly urgent effort to broker a bipartisan compromise.
Christina Wilkie
4 hours ago
Equity futures rose slightly
Equity futures were up slightly shortly after 6pm ET.
Futures related to the Dow Jones, S&P 500 and Nasdaq 100 rose 0.1%.
– Alex Haring
