Debt Ceiling Negotiations At A Crossroads: 168 Hours Left Before US Government Runs Out Of Money
Portfolio Pulse from Piero Cingari
The US has 168 hours left before it may default on its debts if debt ceiling negotiations do not produce a breakthrough. Treasury Secretary Janet Yellen warned of a de facto default with unforeseeable consequences. Investors' tolerance for debt ceiling negotiations has reached a breaking point, with stocks selling off and the S&P 500 and Nasdaq 100 opening lower.
May 24, 2023 | 2:21 pm
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NEGATIVE IMPACT
The Invesco QQQ Trust (NASDAQ:QQQ), which tracks the Nasdaq 100 index, dropped by 0.7% on Wednesday due to concerns over debt ceiling negotiations.
The debt ceiling negotiations have created uncertainty in the market, leading to a sell-off in stocks. This has caused the Nasdaq 100, tracked by QQQ, to drop by 0.7% on Wednesday. If the negotiations fail to produce a breakthrough, the impact on the stock market could be significant.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), opened 0.5% lower on Wednesday due to debt ceiling negotiation concerns.
The ongoing debt ceiling negotiations have increased uncertainty in the market, causing investors to sell off stocks. This has led to the S&P 500, tracked by SPY, opening 0.5% lower on Wednesday. If the negotiations do not produce a breakthrough, the impact on the stock market could be significant.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100