Yields on Treasury bills for early June soared Tuesday in the wake of a warning from Treasury Secretary Janet Yellen that the US government could run into debt-ceiling limitations as soon as the start of next month.
Bearish bets on regional banks jumped appreciably in the last week and hedge fund shorts were part of the initial surge in selling as the group’s shares dropped Tuesday morning.
Former Treasury Secretary Lawrence Summers said he was less worried about continuing turmoil in the US banking sector than he is about the partisan impasse in Washington over raising the federal debt limit.
Uber Technologies Inc. shares surged after the company reported earnings that beat analysts’ estimates, showing that consumers continue to spend more on rides and food takeout despite an uncertain economic outlook.
Oil fell the most in almost four months as thin trading volumes exacerbated the fallout from gloomy reports about the health of the global economy.
While bond traders have long been betting on a dovish turn from the Federal Reserve, stock traders have yet to fully embrace this and would fuel an equity rally on such an outcome, according to JPMorgan Chase & Co.’s trading desk.
Bitcoin climbed Tuesday as renewed fears of stability in the US financial system bolstered the price of cryptocurrencies.
Stanley Druckenmiller, the hedge fund investor and long-time deficit hawk, said the current impasse over the debt ceiling is dwarfed by the dangers of unchecked future government spending.
Johnson & Johnson should not be allowed to use a small unit’s bankruptcy case to end tens of thousands of cancer lawsuits because the strategy is rooted in bad faith, the US Trustee said in a court filing.
One of crypto’s focal characteristics is that it trades around the clock, every day of the year. Now the market is, due to a number of recent shifts in the industry, becoming much more focused on a Monday-through-Friday routine.
