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May 8, 2023

Senior Treasury officials reiterate dire warnings if debt ceiling isn’t lifted, pour cold water on invoking the 14th Amendment

CNN
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Ahead of a very predicted conference in between President Joe Biden and Congressional leaders on Tuesday, senior Treasury officers reiterated dire warnings of economic “chaos” and “catastrophe” if the US does not increase the personal debt ceiling as the country barrels toward default in early June.

“I know he desires to set up a course of action in which expending priorities and levels are reviewed and negotiated but these negotiations need to not get location with a gun, definitely, to the head of the American people today,” US Treasury Secretary Janet Yellen stated Sunday on ‘ABC This 7 days.’

Although congressional Republicans want to tie any personal debt ceiling hike to shelling out and finances cuts, the administration has reported the two challenges are individual.

Yellen and her No. 2, Deputy Treasury Secretary Wally Adeyemo, equally painted a stark picture of “economic chaos” if the credit card debt ceiling isn’t lifted and confirmed that the most current Treasury knowledge nevertheless suggests the US could default as quickly as June 1st.

“If we were being to default on our financial debt it would have a horrible impression on desire fees, and desire charges are the essential thing to every person to obtain a property, to buy a automobile, for providers to spend,” Adeyemo claimed Sunday on MSNBC, warning that the existing local climate of uncertainty is currently having an impact on the economic climate as companies system for opportunity disaster instead of upcoming investments.

“We’re now likely to commence seeing the impacts on the overall economy of the fact that Congress has not taken this off the table,” Adeyemo claimed.

White Dwelling economists and impartial analysts have warned that the current brinksmanship and a prospective future default could have a ruinous affect on the US financial state, plunging the inventory industry and wiping out hundreds of thousands of work.

“If they fail to do it, we will have an economic and fiscal disaster that will be of our personal generating and there is no motion that President Biden and the US treasury can consider to avert that catastrophe,” Yellen mentioned, introducing when pressed by ABC that there are “no good options” to choose if Congress does not act.

Her feedback appear as some have speculated about the likelihood of President Biden invoking the 14th Modification, or getting other severe motion, if the credit card debt ceiling is not raised in time. “I have not gotten there nonetheless,” Biden said in an job interview Friday night time when requested about these kinds of a shift.

Although a theoretical workaround, professionals have also claimed the President unilaterally issuing personal debt without a ceiling enhance would prompt a constitutional disaster and develop intense uncertainty foremost to an financial and economic crisis irrespective. Past administrations have considered this kind of a go as unworkable.

“There is no way to safeguard our monetary procedure and our economy other than Congress doing its occupation and increasing the personal debt ceiling,” Yellen stated.

Adeyemo also tamped down the feasibility of utilizing the 14th Modification when requested about it Sunday, expressing the “the only way” to “guarantee” that the US can fork out its charges is to increase the debt ceiling.

Biden, whose White Residence has mentioned that it will acknowledge only a thoroughly clean proposal to increase the debt limit, is established to sit down with Home Speaker Kevin McCarthy, a California Republican, and other congressional leaders on Tuesday to discuss the credit card debt ceiling.

House Financial Services Chairman Patrick McHenry expressed “modest pessimism” Sunday at the prospect of a personal debt deal coming with each other.

The North Carolina Republican instructed on CBS’ “Face the Nation” that the best compromise to elevate the personal debt limit would search “a ton like the bill we passed out of the Home,” adding that “at this phase of the game, the just one vital component I do not have is what the administration would arrive to conditions with.”

That bill, which would elevate the nation’s $31. 4 trillion borrowing restrict by an further $1.5 trillion and slash federal expending, is not likely to be taken up by the Democratic-led Senate. But the measure is mainly aimed at boosting Republicans’ endeavours to negotiate with Democrats.

Property Democratic chief Hakeem Jeffries of New York called the GOP proposal a “ransom note” on Sunday, labeling it the “Default on America Act.”

“Either Republicans want us to take these extraordinary cuts or take a catastrophic default on our nation’s financial debt. That is what is the unreasonable posture and hopefully in a number of times Republicans will occur to their senses and do what’s suitable by the American people,” Jeffries mentioned on NBC’s “Meet the Push.”

Arizona impartial Sen. Kyrsten Sinema, in the meantime, mentioned Republicans and the White House ought to check out solutions for increasing the financial debt ceiling simply because neither placement has the votes to go.

“The fact is the invoice that Kevin (McCarthy) and his colleagues passed by way of the Home is not heading to be the option. The votes do not exist in the United States Senate to go that. But what the president is offering is not a realistic alternative both. There is not likely to be just a uncomplicated thoroughly clean debt restrict. The votes never exist for that,” Sinema explained to CBS on Sunday.

She said the two sides require to negotiate a alternative that will “protect the total faith and credit score of the United States of America.”

This tale has been up-to-date with supplemental information and facts.

February 17, 2023

Government auditor concerned about ‘financial management weaknesses’ as debt ceiling crisis looms

The Authorities Accountability Business reported Thursday that it could not situation an view on the dependability of the U.S. government’s consolidated monetary statements as the debt ceiling disaster looms.

Gene Dodaro, the U.S. comptroller general and head of the GAO, claimed it was in particular concerning that the agency could not concern an view mainly because there are domestic and worldwide worries that deal with the U.S. govt. These include the debt ceiling crisis, local weather disaster and immigration crises, and assist for Ukraine.

IF CONGRESS Doesn’t Raise Personal debt CEILING – THE Options, FROM Unsightly TO UNTHINKABLE

“It’s crucial that the federal govt has total and exact money data, both across the authorities and within just each and every agency, to operate as proficiently and successfully as feasible,” Dodaro stated in a push launch. “While the federal govt has created substantial strides in enhancing its money administration, this year’s audit report emphasizes the want for the federal government to deal with these critical monetary administration weaknesses and for Congress to develop a program to set the government on a route towards extended-expression fiscal sustainability.”

Federal Pandemic Spending: A Prescription for Waste, Fraud and Abuse — Gene L. Dodaro, U.S. comptroller basic, testifies during the Dwelling Oversight and Accountability Committee listening to titled Federal Pandemic Investing: A Prescription for Squander, Fraud and Abuse, in Rayburn Making on Wednesday, February 1, 2023.

Dodaro explained the trouble falls on a number of various governing administration companies, which include the Division of Defense’s long-standing money management difficulties, the Section of Education’s difficulties with its mortgage programs, the Compact Business Administration’s challenges with its economical management in its pandemic reduction help, and extra.

There was also a lack of accounting for transactions involving governing administration businesses, in accordance to the push release.

The report this yr examined the unparalleled ways the federal federal government essential to take pursuing the COVID-19 pandemic to aid restrict financial burdens on U.S. people. As a consequence, the U.S. debt is developing more rapidly than the gross domestic merchandise, “which indicates that present-day policy is unsustainable,” the 2022 financial report mentioned.

Click on Below TO Read Additional FROM THE WASHINGTON EXAMINER

The United States reached its debt limit in January and will need to have to increase the ceiling in buy to fork out off its financial loans. If Congress does not arrive up with a remedy to repay the loans by the summertime, the U.S. will default on its financial loans for the first time in heritage.

The GAO suggested that Congress produce “a system to set the government on a path toward very long-expression fiscal sustainability with well-developed fiscal guidelines and targets that can assist handle personal debt by managing elements these as paying out and income.” It also inspired the legislative branch to consider “substitute strategies” to the credit card debt restrict in a lot more extensive-term ideas.

February 2, 2023

Joe Biden Kevin McCarthy meeting yields no debt ceiling deal

U.S. Household Speaker Kevin McCarthy (R-CA) talks to reporters soon after he satisfied with U.S. President Joe Biden to explore the federal personal debt restrict and spending, at the White Home in Washington, February 1, 2023.

Kevin Lamarque | Reuters

WASHINGTON — Home Speaker Kevin McCarthy explained he had a “incredibly very good discussion” with President Joe Biden at the White House on Wednesday about the looming debt ceiling and federal expending.

“We have distinct views. But we both laid out some of our eyesight of wherever we’d want to get to. And I feel, right after laying them both equally out, I can see the place we can come across prevalent floor,” McCarthy informed reporters at the White Household pursuing the assembly.

The Democratic president and the California Republican talked for around an hour, and although there ended up “no agreements” and “no promises,” McCarthy stated they would continue on their conversation. The White Home readout of the meeting mirrored McCarthy’s sentiments, stating the two had a “frank and simple dialogue” as portion of an ongoing dialogue.

The Biden administration repeated a acquainted phrase that the president is “keen to keep on functioning throughout the aisle in very good faith,” but stressed that he does not intend to negotiate on lifting the credit card debt ceiling.

“It is their shared obligation not to permit an unprecedented and economically catastrophic default,” the White Residence statement read. “The United States Constitution is express about this obligation, and the American people today expect Congress to satisfy it in the exact same way all of his predecessors have. It is not negotiable or conditional.”

The Dwelling speaker later claimed the conference experienced gone better than he anticipated. McCarthy extra that he thinks buyers must come to feel superior about the prospect of an agreement to stay away from a initial-at any time default on U.S. debt.

“I would truly feel better, if I was the markets, centered upon the meeting I had these days,” he reported, according to Punchbowl News.

The Treasury Office has launched a sequence of amazing measures to keep shelling out the government’s expenses, and it expects those people steps will be ample to prevent default at the very least until eventually early June. But if Congress isn’t going to elevate or suspend the financial debt limit by then, it could wreak financial havoc all over the earth.

McCarthy has held the posture that the two functions need to have to concur to lower back again on spending in advance of lifting the credit card debt ceiling. The White Residence explained the president agrees that addressing the national credit card debt is a precedence, but it need to be a different dialogue.

“The President welcomes a independent dialogue with congressional leaders about how to reduce the deficit and command the countrywide financial debt whilst continuing to increase the economic climate. This conversation really should build on the President’s management in delivering a history $1.7 trillion in deficit reduction in his initially two several years in workplace,” the administration statement explained.

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For Household Republicans, on the other hand, which is a non-starter. They look at a vote to raise the government’s borrowing power and their calls for for cuts to governing administration shelling out as inextricably linked.

“If you have a youngster, and you give them a credit score card and they shell out it to the restrict, you might be responsible for paying that credit history card. But the responsible detail to do likely ahead is not just to elevate the restrict, but appear at how you are paying,” said McCarthy.

This comparison has become a familiar line from the Speaker, the implication being that whilst House Republicans do not intend to enable the United States default on its debt, they will insist on alterations to how a lot revenue the federal government spends.

But just what these alterations would be continues to be a mystery, and an location of competition inside of the Dwelling Republican caucus.

Asked by reporters at the White Dwelling what shelling out cuts he was searching for, McCarthy replied, “I’m not going to go negotiate this in the push.”

More than the coming months, McCarthy’s job is to construct consensus within his caucus on what spending cuts he must push for in the course of personal debt ceiling negotiations.

It’s a task further intricate by the truth that not all of his GOP caucus users share his belief that the federal government need to elevate the personal debt ceiling at all.

Several fiscal hardliners in the Residence have previously created it very clear they’re ready to power a default on the national personal debt if they don’t get large shelling out cuts in return for passing it.

The trouble with these requires are that any credit card debt ceiling invoice the Property approves ought to also be in a position to gain 60 votes to pass the Democratic-controlled Senate ahead of the president can indication it into law.

In the Senate, the form of draconian spending cuts sought by some considerably-proper Home Republicans would have no probability of passing.

On Wednesday, the Democratic Senate Vast majority Chief Chuck Schumer of New York reminded the Property speaker of his obstacle.

“For times, Speaker McCarthy has heralded this sit-down as some kind of important get in his personal debt ceiling talks,” Schumer stated on the Senate flooring. “Speaker McCarthy, if you will not have a prepare, you are unable to significantly pretend you are owning any serious negotiations.”

Senators Chuck Schumer gestures during a ceremony wherever U.S. President Joe Biden will signal the “Infrastructure Expense and Careers Act”, on the South Garden at the White Dwelling in Washington, November 15, 2021.

Jonathan Ernst | Reuters

McCarthy’s job of uniting his unruly caucus behind just one strategy would be difficult underneath any instances. But it’s all the additional difficult mainly because his majority in the Dwelling is so slim.

If the Speaker had been to consider to move a Household debt ceiling invoice with only Republican votes, he could only find the money for to lose 4 customers of his caucus and even now reach the 218-vote the greater part desired to pass the laws.

He could also consider to craft a financial debt ceiling invoice that would pass with votes from additional reasonable Republicans and a big bloc of Democrats.

Betting on members of the opposing bash to bail him out would be dangerous. But not as perilous as failing to lift the financial debt ceiling completely.

For both Democrats and Republicans, nonetheless, the worst situation scenario continues to be that of an unparalleled U.S. government default on its financial debt, 1 that could halt day-to-day functions inside the federal govt and promptly ripple through equity marketplaces and the broader financial state.

A Moody’s Analytics report last year explained a default on Treasury bonds could throw the U.S. economy into a tailspin as terrible as the Fantastic Recession. If the U.S. ended up to default, gross domestic solution would fall 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 6 million staff would get rid of their employment, Moody’s projected.

January 22, 2023

How the debt ceiling affects your money, according to financial pros

The U.S. strike the financial debt ceiling on Thursday, which compelled the Treasury Division to start using so-named “remarkable actions” to carry on paying out the government’s bills.

Treasury Secretary Janet Yellen informed lawmakers on Jan. 13 that these quick-phrase moves, including suspending reinvestment in the workplace retirement prepare for federal staff members, could permit the federal government to fork out its obligations until finally June, right after which the U.S. would be in hazard of defaulting on its personal debt.

Putting the politics of it aside, you could be asking yourself the million-greenback dilemma: Is this situation very likely to have a lengthy-term influence on my dollars?

“In a word, no,” says Brad McMillan, chief financial commitment officer for the Commonwealth Financial Community.

Of course, it’s a little extra nuanced than that. Examine on for the solutions to the most appropriate thoughts about the credit card debt ceiling, and why, as a prolonged-term trader, you shouldn’t be paying far too considerably consideration to the headlines.

Remind me — what is actually the debt ceiling yet again?

The U.S. federal government cash substantially of its spending by means of credit card debt, which is issued by the Treasury. The present-day limit is $31.4 trillion.

Elevating this limit would permit the govt to borrow additional to address shelling out currently accredited by Congress. Failure to elevate the ceiling would signify the govt would at some point are unsuccessful to pay back back again its money owed, which include interest payments on Treasury bonds — technically placing the U.S. govt in default.

The place does the personal debt ceiling stand now?

In political limbo. Republicans in the Property of Reps say they is not going to agree to increase the restrict unless of course the Biden administration agrees to cuts in spending.

Yellen and organization are essentially acquiring revenue where they can in the meantime. A several examples: suspending new investments in the Civil Assistance Retirement and Disability Fund and the Postal Support Retiree Well being Positive aspects Fund.

What could take place as the U.S. methods a default?

Though some will discussion technicalities, most experts will notify you that the U.S. has under no circumstances defaulted on its credit card debt and will quite most likely take ways to stay away from a default this time about.

Since of its sterling name, U.S. personal debt is deemed a danger-free of charge “protection asset” in the globe financial state.

However, shakiness in U.S. creditworthiness could final result in some market place turmoil, like in 2011 when the U.S. faced a financial debt ceiling crisis and acquired a downgrade in its credit history ranking.

“That 12 months we observed a good deal of market volatility. Stocks really marketed off all over this function, with providers joined to the govt promoting off even further,” states Ross Mayfield, an expenditure technique analyst at Baird Personal Wealth Management. “It would seem to choose visceral current market volatility to drive politicians to the desk.”

And if the U.S. actually defaults? Then what?

It can be challenging to say accurately what would transpire if the U.S. couldn’t pay its expenses, but it wouldn’t be your operate-of-the-mill default.

“If a federal government like Argentina or Italy defaulted on its credit card debt, it would be for the reason that they failed to have the money in the kind that the debt was owed in,” claims McMillan. “If Italy borrows in bucks, they have to fork out it back again in dollars.”

However, any U.S. default would final result from a political selection somewhat than an economic very important. Because the U.S. personal debt is in dollars, “we can pay back it back again by printing a lot more pounds,” suggests McMillan.

But there would be financial effects, right?

The solution is sure. Apart from stock current market volatility, you would see ramifications throughout the economy. Any ding in the U.S. credit history ranking would possible increase fees on other kinds of financial debt, this kind of as home loans and car financial loans, to account for additional threat.

And never fail to remember that government expending (which would be reduce underneath a default circumstance) contributes to the general financial system, which is by now in a precarious place — 1 that a lot of authorities say could soon suggestion points into recession territory.

So why should not I be apprehensive?

October 7, 2021

Stocks advance as debt ceiling deadline fears abate

Stocks advanced Thursday, with investors cheering developments in Washington as lawmakers reached an agreement that would temporarily avert a government default by mid-month.

The three major indexes extended gains after Senate Majority Leader Chuck Schumer said Thursday morning that lawmakers had reached a deal to extend the government’s debt limit through the beginning of December. Such a move would offer time to prevent a government default that many pundits said could come as soon as around Oct. 18.

The issue of the debt ceiling has been a focal point for corporate leaders and market participants alike. Earlier Wednesday, President Joe Biden met with top business leaders including JPMorgan CEO Jamie Dimon and Nasdaq CEO Adena Friedman, who urged lawmakers to raise the debt limit and prevent a government default they warned would be catastrophic to the U.S. economy. Treasury Secretary Janet Yellen also told CNBC she expected a government default would cause a recession.

“The debt ceiling is one of many factors right now that we think are causing these gyrations in the markets. Certainly the market will take some comfort when there is a deal, when it is more formalized,” Yung-Yu Ma, chief investment strategist for BMO Wealth Management, told Yahoo Finance.

The ongoing debt ceiling debate has been just one of a number of concerns to the market in recent weeks, which have all come together to catalyze volatility across risk assets.

In addition to concerns over the debt limit, “markets are looking for some resolution, or at least an end in sight to the supply chain issues, the inflation pressures that are building,” Ma added. “The markets are also starting to look toward the November meeting of the Fed, and hoping that the Fed is not going to show excessive increases in future interest rates as well … So several things are going on.”

A spike in energy and commodity prices has also weighed on investor optimism, reinforcing the persistent trend in rising price pressures across the global economy.

U.S. crude oil futures gained on Thursday to reverse some of Wednesday’s losses, after Bloomberg reported the U.S. Energy Department said it did not plan to release crude oil from the government strategic petroleum reserve at this time. A day earlier, the Financial Times had reported that U.S. Energy Secretary Jennifer Granholm had not ruled out tapping the SPR as one means to try and bring prices in check.

“The surge in energy prices is just going to make all the supply chain issues that we’ve been experienced over the past year even worse. I suspect that the supply chain issues are going to get worse before they get better,” Troy Vincent, senior market analyst at DTN, told Yahoo Finance Live.

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11:22 a.m. ET: Stocks extend gains

The three major indexes added to gains Thursday mid-morning after Senate Majority Leader Chuck Schumer said the chamber had reached an agreement to extend the debt limit into December avert a government default this month.

Each of the S&P 500, Dow and Nasdaq were up at least 1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in intraday trading, and the small-cap Russell 2000 outperformed with a gain of 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The materials, healthcare and consumer discretionary sectors led the way higher in the S&P 500, and all 11 major sectors were in positive territory during the session.

Nearly every component in the 30-stock Dow traded higher on Thursday. Materials company Dow Inc. and Nike outperformed, gaining more than 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively.

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9:32 a.m. ET: Stock futures jump, Dow adds 350+ points, or 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Here were the main moves in markets as of 9:32 a.m. ET:

S&P 500 (^GSPC): +37.28 (+0.95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,405.18
Dow (^DJI): +372.34 (+1.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,789.33
Nasdaq (^IXIC): +150.61 (+1.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,652.31
Crude (CL=F): -$0.47 (-0.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.96 a barrel
Gold (GC=F): -$8.90 (-0.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,752.90 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 1.552{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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8:55 a.m. ET: Pfizer asks FDA to authorize COVID-19 vaccine for children ages 5-11

Pfizer (PFE) and BioNTech (BNTX) on Thursday said they were submitting data to the Food and Drug Administration to seek emergency use authorization of their COVID-19 vaccine for children between the ages of 5 to 11. Shares of both drugmakers were higher in early trading.

The FDA previously set a tentative advisory committee meeting to discuss the vaccine for pediatric use on Oct. 26. So far, the Pfizer vaccine has received full approval for use in individuals 16 and older, and emergency use authorization for those aged 12 to 15.

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8:35 a.m. ET: Weekly jobless claims fell more than expected last week

New weekly unemployment claims posted a sharper than expected drop last week, with impacts to the labor market relating to Hurricane Ida and the Delta variant beginning to recede.

Initial jobless claims totaled 326,000 for the week ended Oct. 2, the Labor Department said Thursday. This came in below the prior week’s 364,000, which was upwardly revised from the 362,000 previously reported.

As of the week ended Sept. 18, about 4.2 million individuals were claiming benefits across all unemployment programs, compared to 5 million during the prior week. These figures have come down sharply in recent weeks in large part due to the expiration of crisis-era federal unemployment programs on Sept. 6. Continuing jobless claims totaled 2.714 million during the week ended Sept. 25, reaching the lowest level since March 2020.

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7:25 a.m. ET Thursday: Stock futures jump, Nasdaq futures gain 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Stocks headed for a higher open Thursday morning. Here were the main moves across markets:

S&P 500 futures (ES=F): +39.25 points (+0.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,393.25
Dow futures (YM=F): +269 points (+0.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,560.00
Nasdaq futures (NQ=F): +167.00 points (+1.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,926.00
Crude (CL=F): -$1.12 (-1.45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.31 a barrel
Gold (GC=F): +$2.70 (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,764.50 per ounce
10-year Treasury (^TNX): -0.3 bps to yield 1.521{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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6:05 p.m. ET Wednesday: Stock futures hold higher

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): +3.5 points (+0.08{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,357.5
Dow futures (YM=F): +25 points (+0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,316.00
Nasdaq futures (NQ=F): +15.5 points (+0.11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,774.50

NEW YORK, NEW YORK - SEPTEMBER 16: People walk by the New York Stock Exchange (NYSE) on September 16, 2021 in New York City. Despite a rise in retail sales, the Dow slipped lower on Thursday as investors continue to have concerns from the Delta variant and news of a slight rise in jobless claims. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – SEPTEMBER 16: People walk by the New York Stock Exchange (NYSE) on September 16, 2021 in New York City. Despite a rise in retail sales, the Dow slipped lower on Thursday as investors continue to have concerns from the Delta variant and news of a slight rise in jobless claims. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter