Stocks faceplanted early yesterday, before clawing back some ground into the close. They’re set to rebound further in the early going today.
Meanwhile, most other assets – including Treasuries, gold and silver, crude oil, and the dollar – are trading around the flat line.
On the news front...
A meeting between President Biden and Republican and Democratic leaders in Congress has been pushed back to next week. The gathering was originally set for today. Now, it’ll happen sometime before Biden leaves for the Group of 7 meeting in Japan on Wednesday. Washington has until around June 1 to come to a deal to avoid a US debt default.
Looking for another dose of doom and gloom from Bank of America’s strategy team? Then you’ll want to check out Michael Hartnett’s latest report. He said that we’re hurtling toward recession, that the Federal Reserve won’t pause its hiking campaign, and that credit markets and tech stocks will “crack.”
Of course, if you took the opposite stance at the beginning of the year, you’re pretty happy so far. The Invesco QQQ Trust (QQQ) has racked up a 22% total return year-to-date. The SPDR Bloomberg High Yield Bond ETF (JNK), a benchmark ETF that tracks higher-risk “junk” bonds, has returned 4%.
Elon Musk took control of Twitter several months back. Now, he’s reportedly close to appointing Linda Yaccarino as Chief Executive Officer. Linda is the head of advertising at NBCUniversal and helped launch that media firm’s Peacock streaming service. She would be responsible for luring back advertisers who left the social media platform in recent quarters.