Wall Street Today | Yellen Is Calling CEOs Personally to Warn on US Debt Ceiling
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Yellen Is Calling CEOs Personally to Warn on US Debt Ceiling
Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the "catastrophic" impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
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Fed Says First-Quarter Loan Standards Tightened, Demand Weakened
The Federal Reserve said that banks reported tighter standards and weaker demand for loans in the first quarter, extending a trend that began before recent stresses in the banking sector emerged.
The proportion of US banks tightening terms on commercial and industrial loans for medium and large businesses rose to 46%, up from 44.8% in the fourth quarter of 2022, according to a Fed survey of lending officers released Monday.
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Fed's Goolsbee Warns Debt-Limit Showdown Is Clouding Economic Outlook
Federal Reserve Bank of Chicago President Austan Goolsbee said a protracted showdown over the debt ceiling will make the Fed's job much more difficult as it tries to assess the impact of bank-sector turmoil, which he said is leading to tighter credit conditions.
Worst Isn't Over for US Stock Market, JPMorgan's Kolanovic Warns
The strategist reiterated Monday that equities are set to weaken for the remainder of the year as the full impact of interest-rate hikes catches up to the economy and some factors supporting growth — such as strong corporate margins — wane.
SECTORS
Retail Traders Are Making Risky Bets on Regional Bank Stocks
On StockTwits, a popular social media site for traders, mentions of financial stocks doubled from the last week of April to the first week of May.
Net inflows into KRE, which tracks the KBW Regional Banking Index, is down 35% this year, despite a 6.3% rally on Friday. The fund's net inflows topped $360 million in the first week of May after attracting more than $1.5 billion in March and April combined, according to data compiled by Bloomberg.
COMPANY
Elon Musk and Tesla Break Ground on Massive Texas Lithium Refinery
$Tesla (TSLA.US)$ on Monday broke ground on a Texas lithium refinery that CEO Elon Musk said should produce enough of the battery metal to build about 1 million electric vehicles (EVs) by 2025, making it the largest North American processor of the material.
Palantir Gains After Posting Rosy Forecast, Touting Demand for AI Tools
$Palantir (PLTR.US)$ expects to be profitable every quarter this year and described demand for its new artificial intelligence products as "without precedent." The stock climbed as much as 21% in the first minutes of extended trading Monday.
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Lucid Sees EV Production Toward Low End of Full-Year Target
The company is on track to make "over 10,000" of its luxury sedans this year, according to a statement Monday that also detailed first-quarter results. Lucid previously forecast building as many as 14,000. Shares were down over 8% in after-hours trading following the news. $Lucid Group (LCID.US)$
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PayPal Drops After Lowering Operating Margin Expansion Forecast
$PayPal (PYPL.US)$ shares slumped after the payments giant warned that its adjusted operating margin won't grow as quickly as the company previously anticipated, even after spending on its platforms jumped more than expected in the first quarter.
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Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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