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☆ The stock market's gains are almost entirely concentrated in the 'Magnificent 7' - and that could mean a crash is coming
▼ + stars: | 2023-06-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Have you heard of the Magnificent Seven? This handful of Big Tech stocks have accounted for nearly all the market's gains in 2023. The names that make up the so-called Magnificent Seven are now the seven biggest US-listed stocks. Are you buying or selling the Magnificent Seven? Strategists from Goldman Sachs made the case for names they think will be low in volatility and high in returns.

Persons: I'm Phil Rosen, It's, you'll, let's, Tesla, there's, Minerva, Kathleen Brooks, John Hussman, Hussman, ANGELA WEISS, Goldman Sachs, Russell, Xi Jinping, Everyone's, Cleo Capital's Sarah Kunst, Phil Rosen, Max Adams, Hallam Bullock Organizations: Twitter, LinkedIn, Lionsgate, Nvidia, Tesla, Meta, Microsoft, Big Tech, Apple, Hussman Investment Trust, Getty, PLC, Costco Locations: New York, London

☆ Americans aren't spending like they used to
▼ + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.

Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London

☆ The Federal Reserve thinks catastrophe is coming for US businesses
▼ + stars: | 2023-06-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

One report, written by the Federal Reserve's own economists, left me with not exactly an upbeat outlook. Federal Reserve Board Chair Jerome Powell testifies during a House Committee on Financial Services hearing, Wednesday, July 18, 2018, Capitol Hill in Washington. That is, more than a third of companies could default in the coming months, thanks to tightening monetary policy. Basically, they are predicting that companies feel pain in times of policy tightening, especially those with weaker balance sheets to begin with. Investors should monitor these bearish signals to stay ahead of a potential sell-off in the stock market.

Persons: Phil Rosen, You'll, Jerome Powell, Jacquelyn Martin, Ander Perez, Orive, Yannick Timmer, Kevin Rendino, he's shorting, Goldman Sachs, Morgan Stanley, Max Adams, Hallam Bullock Organizations: Federal, Financial Services, Capitol, European Central Bank, Bloomberg, Bank of America, Barclays, Elon Musk's Locations: New York, Washington, London

☆ Russia's near-mutiny just cratered its currency against the dollar
▼ + stars: | 2023-06-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The near-mutiny in Russia this weekend had some unexpected consequences for currencies — more on that below. And yet — the Russian ruble still plunged 3% to a 15-month low on Monday, trading at one point near 87 per dollar. The Kremlin said there was a huge uptick in foreign currency demand across 15 regions in Russia, per Reuters. During the mutiny, Russian banks had cut their ruble exchange rates to over 100 per dollar, though they've since eased prices. What's your outlook for the Russian ruble by year-end?

Persons: Phil Rosen, You'll, Vladimir Putin, GAVRIIL, Yevgeny Prigozhin's, Wagner, Prigozhin, Andrei Belousov, Putin hasn't, Spencer Platt, Morgan Stanley, Billionaire Ron Baron, Warren, there's, Goldman Sachs, Elon, Max Adams, Hallam Bullock Organizations: SPUTNIK, Getty, Reuters, Wall Street Journal, Manchester United, Walgreens, Alliance Inc, Billionaire, Dow, Harvard, Bank of America, Elon Musk's Locations: New York, Russia, Moscow, Ukraine, —, Voronezh, Rostov, Lipetsk, London

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

☆ Housing market inventory keeps declining and that's bad news for homebuyers
▼ + stars: | 2023-06-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

We're revisiting housing inventory today because it's one of the key sticking points that's keeping home prices elevated and buyers wary. Get this: The housing market today has 39% fewer homes for sale than before the pandemic. Mortgage rates are currently about double what they were in 2021, when ultra-low rates fueled a home-buying boom. That could help influence mortgage rates to go even higher this year. People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future."

Persons: I'm Phil Rosen, Jerome Powell, Joe Raedle, There's, Powell, Redfin's Chen Zhao, Edward Seiler, Tweet, JIM WATSON, Morgan Stanley, Steve Eisman, Larry Summers, Richard Branson's, Phil Rosen, Max Adams, Hallam Bullock Organizations: realtors, Mortgage Bankers Association, US, Getty, Fed, FedEx, Nvidia, Bloomberg, Treasury, Virgin Galactic Locations: homebuilding, New York, London

☆ Ex-Google CEO Eric Schmidt paid $67 million for a superyacht abandoned by a sanctioned Russian oligarch
▼ + stars: | 2023-06-17 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Former Google CEO Eric Schmidt paid $67.6 million at auction for a 267-foot superyacht. The boat was left moored in Antigua Bay by Andrey Guryev, a sanctioned Russian oligarch. Billionaire and former Google CEO Eric Schmidt won an auction Friday for the 267-foot Alfa Nero, paying $67.6 million for the superyacht that had been "abandoned" in Antigua Bay by a sanctioned Russian oligarch. Schmidt was the CEO of Google from 2001 to 2011, and stepped down as chairman of Google parent Alphabet in 2018. Representatives for Schmidt didn't immediately respond to a request for comment from Insider, made outside normal working hours.

Persons: Eric Schmidt, Andrey Guryev, Nero, Sir Ronald Sanders, Schmidt, Guryev, Vladimir Putin, Guryev's, Mr Guryev, Alfa Nero, Beck Diefenbach, Schmidt didn't Organizations: Google, Russian oligarch, Bloomberg, Morning, Barbuda Port Authority, Boat, US Treasury Department, Guryev, Alfa, Reuters Officials, International . Locations: Antigua Bay, Russian, Antigua, Barbuda, Ukraine, Falmouth Harbor

☆ There's one big reason why housing inventory is so tight right now
▼ + stars: | 2023-06-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

A lot of moving parts today — we've got stories on Tesla, Microsoft, housing and more. Pretty much everyone with a mortgage is paying a lower rate than what's being offered today. That's compared to about 6.7% you can expect to pay on a new 30-year home loan today. Elon Musk has been shirking rent payments for Twitter, and that's creating problems for Goldman Sachs. She bought a home in Detroit for $6,300 — then figured out how to scale to 35 units and achieve financial freedom.

Persons: I'm Phil Rosen, we've, Let's, Elon Musk, Goldman Sachs, Musk, they're, Javier Milei, Jeff Bezos, Phil Rosen, Max Adams Organizations: Microsoft, Twitter, Columbia Property, Miami University, Elon Locations: Redfin, Detroit, Russia's, Argentina, New York

☆ Virgin Galactic surges 47% as Richard Branson's space tourism company preps first commercial flight
▼ + stars: | 2023-06-16 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Shares of Virgin Galactic soared on Friday on news the company was readying commercial flights. After years of delays, the first flight will take place on June 27, with another scheduled for August. The stock spiked 47% Friday, but is still trading far below highs reached in 2021. Billionaire Richard Branson's space company announced that the first flight, dubbed Galactic 01, is scheduled between June 27 and June 30. Virgin Galactic is trading far below highs reached in 2021, when the stock was trading at nearly $60 per share.

Persons: —, Richard Branson's, Branson, Virgin Galactic's Organizations: Virgin Galactic, Service, Wall Street, Galactic, Virgin Locations: Thursday's

☆ A trader says he got insider info from an ex-Goldman Sachs exec while playing drunk squash
▼ + stars: | 2023-06-16 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

A trader says he got tipsy and received some insider info from a buddy while playing squash. The details were revealed at a court hearing this week in an insider trading case against a former Goldman Sachs trader. A former Barclays trader testified against Brijesh Goel, who revealed info on a company that was about to be acquired. During the game, Goel told Niranjan about a company called Lumos Pharma and recommended buying options. According to Bloomberg, Goel says he's been set up by Niranjan, who he claims is looking to avoid punishment for insider trading.

Persons: Goldman Sachs, Brijesh Goel, —, Goldman, Akshay Niranjan, Goel, Niranjan, Lumos, he's, Bloomberg's Organizations: Barclays, Service, Lumos Pharma, Bloomberg Locations: Manhattan

☆ The stock market is right back to where it started when the Fed first started raising interest rates
▼ + stars: | 2023-06-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

After much pain and a brutal bear market, the S&P 500 has erased all of the losses from the past year and then some. It's true: the S&P 500 has erased all of its losses since the Fed's first rate hike in March 2022. What's your stock market outlook for the rest of the year? In other news:: Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. US stock futures rise early Friday as the S&P 500 extended its winning run with a sixth straight day of gains.

Persons: Phil Rosen, It's, Jerome Powell, Alex Wong, Powell, Spencer Platt, Morgan Stanley, Brian Frank —, —, Bitcoin, hawkishness, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Fed, Nvidia, Meta, New York Stock Exchange, U.S . House, Dow, Getty, Kremlin, Financial Times, Coinbase Locations: Washington ,, New York City, U.S, Moscow, Russia, New York, London

☆ The Fed took a break from hiking rates for the first time in 15 months. Here's what to know.
▼ + stars: | 2023-06-15 | by ( Max Adams | ) www.businessinsider.com time to read: +5 min

If you missed yesterday's Federal Reserve decision — and how the market reacted — you've come to the right place. In this March 21, 2018, file photo, Federal Reserve Chairman Jerome Powell speaks following the Federal Open Market Committee meeting in Washington. The Federal Reserve releases minutes from the March meeting of its policymakers on Wednesday, April 11. US stock futures edge lower early Thursday after the Federal Reserve paused rate hikes but hinted there were more to come. The housing market is so tight right now because 90% of homeowners are already locked into low mortgage rates.

Persons: Jerome Powell, Carolyn Kaster, it'll, there's, Powell, Dow Jones, Morgan Stanley's Mike Wilson, Wilson, it's, Martin Puddy, that's, Elon Musk's, Goldman Sachs, Musk, JPMorgan's Marko Kolanovic, Max Adams, Nathan Rennolds Organizations: Federal, Federal Reserve, Bank, Fed, Bank of America Locations: Washington, Silicon, insider.com, Beijing, China, Detroit, New York, London

☆ It's Fed Day. Here's what markets are eyeing as Powell gets ready to speak.
▼ + stars: | 2023-06-14 | by ( Max Adams | ) www.businessinsider.com time to read: +5 min

The Federal Reserve is set to announce a critical policy decision today — hike (possibly), pause (likely), or cut (probably not). The Fed has made 10 consecutive rate hikes leading up to today, making for one of its most aggressive tightening campaigns ever. Tuesday's cooler-than-expected inflation data is still double the Fed's 2% target, which suggests there could be more hawkishness ahead. Meanwhile, Wharton professor Jeremy Siegel suggested in a separate note that the Fed may actually be done with policy tightening altogether. He explained that, since he doesn't see a recession, the stock market could actually rally higher across all sectors because of investor FOMO.

Persons: Jerome Powell, David Bahnsen, Mohamed El, —, Christopher Waller, Wharton, Jeremy Siegel, Powell, Goldman Sachs, David Solomon, Tom Lee, FOMO, Read, Warren Buffett's, they're, Qatar's Sheikh Jassim, Jim Ratcliffe, Max Adams, Hallam Bullock, Nathan Rennolds Organizations: Federal, Reuters, Bahnsen, Reserve, Spar Group, Capital Economics, Berkshire Hathaway, Manchester United Locations: New York, London

☆ Markets think that a Fed pause on rate hikes is a sure thing after CPI shows inflation falling further in May
▼ + stars: | 2023-06-13 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Markets think the odds the Fed hits pause on further rate hikes this week are close to 100%. Fed fund futures pricing showed investors think the odds of a pause rose after the release of May's CPI. That figure jumped from around 75% before Tuesday morning's release of the Consumer Price Index showed inflation cooled to 4% year over year in May. That's the lowest rate of inflation in two years, and will be a big factor in whatever the Fed decides to do this week. May's CPI report showed prices rose 0.1% month over month, less than the 0.2% gain projected by economists.

Persons: —, David Bahnsen, Stocks Organizations: CPI, Consumer, Service, Markets, Federal, Reserve, Bahnsen

☆ In another grim milestone for the housing market, 75% of homes are unaffordable for middle-income buyers, report says
▼ + stars: | 2023-06-13 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Today we're bringing you the latest updates on housing, Russia's currency moves, and the outlook for tech stocks. Homebuyers are returning to the US housing market as mortgage rates fall. The housing market isn't getting any more affordable. It's so expensive right now that over 75% of homes are too pricey for middle-income buyers, the National Association of Realtors said. Tech stocks are in the midst of a "1995 moment."

Persons: I'm Max Adams, Let's, Scott Olson, Goldman Sachs, Wedbush's Dan Ives, They've, —, Elon, Tesla, Max Adams, Hallam Bullock Organizations: Getty, National Association of Realtors, Helix Biopharma Corp, MamaMancini's Holdings, Kremlin, Tech, EV, GM, Ford Locations: —, Russia, New York, London

☆ Tesla stock is poised to surge 22% as GM and Ford charging partnerships represent huge monetization opportunity, Wedbush says
▼ + stars: | 2023-06-09 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Tesla shares are headed to $300, and the company is looking at big revenue gains from recent deals with Ford and GM. Wedbush on Friday raised its price target and said charging deals could bring in $3 billion of revenue. "In a nutshell, Musk and Tesla are playing chess while other automakers are playing checkers," Wedbush's Dan Ives wrote. That's according to Wedbush, which raised its 12-month price target for Tesla stock to $300 a share, from $215 a share. The Wedbush analyst also predicted rising demand for Tesla vehicles with recent price cuts in the US and China.

Persons: Wedbush, Tesla, Wedbush's Dan Ives, —, Dan Ives, Elon, Ives Organizations: Ford, GM, Service, Elon Musk's Locations: China

☆ Mark Cuban slams the SEC and says the Coinbase suit shows why no one trusts them
▼ + stars: | 2023-06-08 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Mark Cuban slammed the SEC's decision to sue Coinbase this week. The famed investor said the regulator could have helped the exchange comply instead of sue. The SEC this week sued Coinbase and Binance for allegedly operating illegally in the US. "They don't want to help companies get to compliance they want to challenge them to get to compliance," Cuban wrote. On Tuesday, the SEC unveiled its lawsuit against Coinbase, a day after it sued Binance and its CEO, Changpeng Zhao.

Persons: Mark Cuban, Coinbase, —, doesn't, SEC didn't, Binance, Changpeng Zhao, Gary Gensler Organizations: SEC, Service, Securities, Exchange, Twitter, Coinbase Locations: Cuban

☆ Here's what the SEC's 'all-out assault' on crypto means for the market's 2 biggest players
▼ + stars: | 2023-06-08 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

"If this goes poorly, it could be an existential issue for Coinbase," Jeff Blockinger, chief counsel at decentralized finance platform Vertex Protocol, told Insider. Sources told Insider they expect Coinbase to fight extremely hard against the suit, which essentially says its whole US operation is illegal. "This is an all-out assault, particularly in regards to Binance, but it is a broader assault on the industry. A deal just means 'the casino can stay open'From Smith's point of view, the real existential matter isn't the SEC's lawsuit but rather the nature of the market itself. "If the SEC and Coinbase cut some sort of deal, that just means the casino can stay open."

Persons: —, Changpeng Zhao, Zhao —, Binance, Zhao, Jeff Blockinger, it's, Brian Armstrong, he's, Coinbase, Gensler, Sam Bankman, Richard Smith, Ron Geffner, Goldberg, Geffner, There's, Smith Organizations: Coinbase, Service, Securities, Exchange Commission, Binance, SEC, Commodities Futures Trading Commission, Bloomberg, The Foundation Locations: Cayman Islands, Alameda, SEC's

☆ The SEC charges Coinbase with violating securities regulations
▼ + stars: | 2023-06-06 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

The SEC on Tuesday sued Coinbase, the largest US crypto exchange, with violating securities laws. The lawsuit comes one day after the SEC sued Binance and CEO, Changpeng Zhao for operating an illegal exchange and violating US regulations related to the offering of unregistered securities. The suit also takes aim at two other Coinbase services, Coinbase Prime and Coinbase Wallet. The SEC complaint says that these services included trading of crypto assets that are considered securities, "bringing Coinbase's operations squarely within the purview of the securities laws." Read the full SEC lawsuit here.

Persons: Coinbase, Binance, Changpeng Zhao, — Organizations: SEC, Service, Court Southern District of, Coinbase, Sigma, Binance's, Sigma Chain Locations: Court Southern District of New York

☆ The SEC is suing Binance and CEO Changpeng Zhao for violating securities regulation
▼ + stars: | 2023-06-05 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

The SEC is suing Binance and its CEO, Changpeng Zhao. The SEC alleged that Binance diverted customers' funds to a trading firm called Sigma Chain that was under Zhao's control. The regulator also said Sigma Chain conducted fraudulent trades to artificially inflate Binance's volume. In February, the Journal reported the SEC was looking into the relationship between the US arm of Binance and two trading firms with ties to Zhao. One area of the investigation's focus was how Binance.US disclosed to customers its links to the trading firms, the report said.

Persons: Binance, Changpeng Zhao, Zhao, —, Binance's Zhao Organizations: SEC, WSJ, Service, US Securities and Exchange Commission, Monday, Street Journal, Sigma, Sigma Chain, District of Columbia, Commodities Futures, Trading Commission, Palestinian, Justice Department, Washington Post, Western, of, Reuters Locations: District, Binance.US, Russian, of Washington, Seattle

☆ Crypto and blockchain technology can be crucial tools that help keep AI from running wild, Coinbase says
▼ + stars: | 2023-06-05 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Blockchain technology could be a safeguard that prevents artificial intelligence from running amok, Coinbase said. Few crypto projects are currently working in AI, but there's a wide range of problems blockchain can address. Blockchain could help combat the spread of misinformation and shed light on AI decision-making. Demand for computational resources - Generative AI requires a lot of computing power, and blockchain could help by creating a system where resources are shared. "Integrating blockchain technology into AI models can help make those processes more transparent and allow users to scrutinize the logic and reliability of AI-produced outcomes."

Persons: Coinbase, —, David Duong, Duong Organizations: Service

☆ Home buyers are facing the least affordable market on record
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Joe Raedle / Getty ImagesEdward Seiler is the associate vice president for housing economics at the Mortgage Bankers Association. Phil Rosen: The MBA's Purchase Applications Payment Index just hit a new high in April. For new home buyers, this is the worst situation since the end of the Great Recession. Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition. In his view, monthly payments for first-time buyers are up roughly one-third compared to last year — and that's going to keep buyers on the sidelines and weigh on demand.

Persons: I'm Phil Rosen —, Joe Raedle, Edward Seiler, Phil Rosen, Jen, Hsun Huang, Huang, Kim Kulish, Gregg Fisher, he's, Jensen Huang, It's, There's, Evercore's Mark Mahaney, Meta, shouldn't, David Rosenberg, who's, Larry Pitkowsky, Max Adams Organizations: Mortgage, Association, Twitter, Nvidia Corp, GPU Technology, Nvidia, Treasury Department, Fed, Tech Locations: San Jose , California, New York

☆ Putin’s war on Ukraine is only costing a tiny sliver of Russia’s GDP
▼ + stars: | 2023-06-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Direct war spending, according to the report, is estimated to be about 3% of Russia's GDP, or about $67 billion a year. The US put about 50% of its GDP toward war near the same time. That makes it hard to justify spending a lofty percentage of GDP on what is not a war, in their view. All this isn't to say Russia's economy hasn't been hamstrung. Are you surprised by the relatively low fiscal cost of Russia's war?

Persons: Phil Rosen, Patrick Harker, Vladimir Putin, Mikhail Metzel, Vladimir Putin's, hasn't, that's, Mark Wilson, Goldman Sachs, it's, Realtor.com, Read, Jonathan Miller, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Philly Fed, Economist, Technology, American Locations: Manhattan, Washington, Ukraine, Russia, Moscow, Soviet Union, India, Saudi Arabia, New York, London

☆ Here's why the upcoming OPEC meeting will be a 'pivotal' moment as tensions simmer between Russia and Saudi Arabia over global oil supply
▼ + stars: | 2023-06-02 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

The meeting comes as Russia continues to pump cheap crude oil into the global market. Tensions have risen as cheap Russian oil drives crude below a key break-even level for Saudi Arabia. "The OPEC+ meeting on June 4 should be pivotal," investor Louis Nevallier wrote in a note on Friday. Nevallier said that he expects a "very assertive" Saudi Arabia to show up to the meeting. The report said the country's budget needs international oil prices to stay above $81 a barrel.

Persons: —, Louis Nevallier, ussia, Nevallier, there's, Brent Organizations: Service, Reuters Locations: Russia, Saudi Arabia, OPEC, Saudi, India, Riyadh, Ukraine

☆ Dow jumps 700 points as US stocks soar on end to the debt ceiling fight and strong May jobs report
▼ + stars: | 2023-06-02 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

The Dow soared 700 points to end the week as traders cheered the end of the debt ceiling fight. The Senate voted to send the bill to raise to country's borrowing limit for two years to Biden's desk. Markets were also encouraged by strong nonfarm payroll data that showed employers added 339,000 jobs in May. Treasury Secretary Janet Yellen had warned that the US would run out of cash in early June without raising the debt ceiling. Nonfarm payroll data for May showed that employers added 339,000 jobs last month, blowing past estimates of 180,000.

Persons: —, Joe Biden's, Janet Yellen Organizations: Dow, Service, Dow Jones, Nasdaq, Fed

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