"Jordan To Seek Speakership As Republican Infighting Rages; The Hard-Right Republican From Ohio Was Pressing To Win The Nomination As His Party Remained In Chaos After The Ousting Of The Speaker And The Abrupt Withdrawal Of His Chosen Successor" - NYTimes
Portfolio Pulse from Benzinga Newsdesk
Representative Jim Jordan of Ohio is making a bid for the speakership, aiming to unite a Republican Conference in chaos after the ousting of one speaker and blocking another. The move comes after a faction of his supporters forced out former Speaker Kevin McCarthy and refused to back the party's chosen successor, Representative Steve Scalise. If Jordan succeeds, he would be second in line to the presidency. However, mainstream Republicans have concerns about Jordan, with some refusing to support him.
October 13, 2023 | 3:17 pm
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NEUTRAL IMPACT
The ongoing political turmoil within the Republican party and the potential change in the speakership could lead to increased market volatility, potentially impacting the SPY ETF.
Political instability and changes in key political positions often lead to market volatility as investors react to the uncertainty. This could potentially impact the SPY ETF, which tracks the S&P 500 and is therefore sensitive to overall market movements.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50