{"id":6058,"date":"2023-06-03T15:36:43","date_gmt":"2023-06-03T10:06:43","guid":{"rendered":"https:\/\/appreciatewealth.com\/blog\/?post_type=rearview_mirror&#038;p=6058"},"modified":"2024-04-17T13:04:53","modified_gmt":"2024-04-17T07:34:53","slug":"the-debt-ceiling-crisis","status":"publish","type":"rearview_mirror","link":"https:\/\/appreciatewealth.com\/blog\/rearview-mirror\/the-debt-ceiling-crisis","title":{"rendered":"The debt ceiling crisis"},"content":{"rendered":"\n<p>27th May 2023 &#8211; 2nd June 2023 | Another week in the markets<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>S&amp;P 500<\/strong><\/td><td><strong>Nasdaq<\/strong><\/td><td> <strong>VIX<\/strong><\/td><td><strong>DJIA<\/strong><\/td><td><strong>Russell 1000<\/strong><\/td><td><strong>NYSE<\/strong><\/td><\/tr><tr><td><strong><strong><strong><strong><strong>4,282.37<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>13,240.77<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>14.60<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>33,762.76<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>2,344.29<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>15,345.19<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><\/tr><tr><td><strong><strong>1.83%<\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>2.04%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>-18.66%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>2.02%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>1.97%<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>1.77%<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><strong>Nifty 50<\/strong><\/td><td><strong>Gold<\/strong><\/td><td><strong>Silver<\/strong><\/td><td><strong>Brent crude<\/strong><\/td><td><strong>USD-INR<\/strong><\/td><td><strong>EUR-INR<\/strong><\/td><\/tr><tr><td><strong><strong>18,534.10<\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>$1,964.30<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>$23.70<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>$76.40<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>82.40<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>88.25<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><\/tr><tr><td><strong><strong>0.19%<\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>0.94%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>1.07%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong>-1.00%<\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>-0.20%<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><td><strong><strong><strong><strong><strong><strong>-0.36%<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><br>Source: <a href=\"https:\/\/www.marketwatch.com\/\" rel=\"nofollow\">MarketWatch<\/a>\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Hello Saturday,<\/strong><\/h2>\n\n\n\n<p>This week, the US averts the debt ceiling crisis, India\u2019s FY2023 GDP data comes out, and Salesforce stock drops despite posting good earnings.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The US\u2019s debt limit gets suspended until January 1, 2025, averting a catastrophic default; the Treasury Department auctions one-day cash management bills for the first time since 2007 to support its low cash balances.<\/li>\n\n\n\n<li>The Indian economy grows higher than expected at 6.1% in Q4 of FY2023 due to strong domestic demand and exports; however, the economic outlook remains uncertain, given the high unemployment rate and global instability.&nbsp;<\/li>\n\n\n\n<li>Salesforce\u2019s Q1 earnings beat Wall Street expectations, but its stock drops due to high capital costs and an unchanged annual revenue outlook.&nbsp;<\/li>\n\n\n\n<li>IKEA operator Ingka buys US-based supply chain software company Made4Net in an attempt to expedite its expansion plans in the US and enhance its online sales.<\/li>\n\n\n\n<li>Dollar General\u2019s stock plunges 20% after the discount retailer cuts sales and profit outlook as its cash-strapped customers turn to food banks and cheaper alternatives.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Taking stock | Biden bids breach bye | Six point someone | Summer sale | Home improvement | General misgivings | Invest wisely<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Taking stock<\/strong><\/h2>\n\n\n\n<p>Wall Street closed higher on Friday after a strong May jobs report and the resolution of the debt ceiling crisis. For the week, the S&amp;P 500 rose 1.83%, the Dow climbed 2.02%, and the Nasdaq gained 2.04%, posting its sixth consecutive week of gains.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Biden bids breach bye<\/strong><\/h2>\n\n\n\n<p>On Thursday, the US Senate passed a bill, to be signed into law by President Biden over the weekend, to suspend the country\u2019s debt limit until January 1, 2025. Americans can finally breathe a sigh of relief, as this has averted what would otherwise have been the US\u2019s first debt default.<\/p>\n\n\n\n<p>The debt ceiling package passed includes provisions for rescinding about $28 billion of unused COVID-19 relief funds, restarting student loan repayments that were paused when the pandemic broke out, rescinding $1.4 billion given to the IRS under the Inflation Reduction Act (IRA), and repurposing an additional $20 billion of IRS funding for non-defence programmes. The package makes no changes to the IRA\u2019s climate and clean energy provisions, and funding for veterans\u2019 medical care will also be fully maintained.<\/p>\n\n\n\n<p>On Thursday, the US Treasury Department also announced that $15 billion worth of one-day cash management bills would be auctioned the next day. While Treasury bill auctions are common and occur on a weekly and monthly basis, cash management bill auctions, especially those that mature in a day, are uncommon. In fact, this is the <a href=\"https:\/\/edition.cnn.com\/2023\/06\/01\/business\/treasury-bill-auction\/index.html\" rel=\"nofollow\">first time since 2007 <\/a>that the Treasury is auctioning one-day bills \u2014 over the past 25 years, one-day cash management bill auctions have only been held six times. This is an important measure since the Treasury\u2019s cash balances are currently around $37 billion, the lowest they have been since 2017.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Six point someone<\/strong><\/h2>\n\n\n\n<p>The Indian economy grew at 6.1% in the January-to-March quarter of the financial year 2023. This beat estimates \u2014 the Reserve Bank of India (RBI) had estimated a growth of 5.1%, while a Reuters poll had estimated 5%. For the entirety of FY2023, the economy grew at 7.2%, higher than the expected 7%. Here are some of the key sectors that have added to India\u2019s growth in FY2023.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"776\" src=\"https:\/\/appreciatewealth.com\/blog\/wp-content\/uploads\/2023\/06\/image-1024x776.png\" alt=\"India's growth chart\" class=\"wp-image-6059\" srcset=\"https:\/\/appreciatewealth.com\/blog\/wp-content\/uploads\/2023\/06\/image-1024x776.png 1024w, https:\/\/appreciatewealth.com\/blog\/wp-content\/uploads\/2023\/06\/image-300x227.png 300w, https:\/\/appreciatewealth.com\/blog\/wp-content\/uploads\/2023\/06\/image-768x582.png 768w, https:\/\/appreciatewealth.com\/blog\/wp-content\/uploads\/2023\/06\/image.png 1320w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><br><em>Source: <\/em><a href=\"https:\/\/www.reuters.com\/world\/india\/indias-jan-march-quarter-gdp-growth-61-yy-government-2023-05-31\/\" rel=\"nofollow\"><em>Reuters<\/em><\/a><\/p>\n\n\n\n<p>India is doing better than the rest of the world due to several reasons. First, the domestic demand in India is strong as income growth and consumer spending is increasing. Second, India\u2019s exports have also been showing continued strength. Third, India had not implemented any large-scale fiscal stimulus programs when the pandemic first broke out. Hence, it has been able to avoid the negative economic impact of the withdrawal of such programs, unlike several other major economies.&nbsp;<\/p>\n\n\n\n<p>And while the Indian economy is not at risk of a recession in 2023 and has recovered faster than expected, economists warn of rocky terrain ahead. A recession in global markets can impact India\u2019s export business significantly, the unemployment rate remains high, and the upcoming monsoon-related risks and geopolitical uncertainties could impact the economic outlook.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Summer sale<\/strong><\/h2>\n\n\n\n<p>This Wednesday, Salesforce posted first-quarter earnings that beat Wall Street expectations. Its revenue of $8.25 billion was not only higher than the expected $8.18 billion but also grew 11% year-over-year. Salesforce\u2019s subscriber growth surpassed expectations and its Mulesoft business also saw impressive growth. Despite this, Salesforce stock slumped as much as 7% in extended trading.&nbsp;<\/p>\n\n\n\n<p>One of the primary reasons for this is that its <a href=\"https:\/\/www.cnbc.com\/2023\/05\/31\/salesforce-crm-earnings-q1-earnings-report-2024.html\" rel=\"nofollow\">capital costs were $243 million, 36% higher<\/a> than analysts\u2019 expectations. This ended up overshadowing its revenue growth. And while it raised its 2024 earnings forecast, it left its revenue outlook unchanged. Despite this, Salesforce has been performing well as a tech giant. Prior to the after-hours stock drop on Wednesday, Salesforce stock was up 67% year-to-date, significantly outperforming the S&amp;P 500, which is up by about 9%.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Home improvement<\/strong><\/h2>\n\n\n\n<p>IKEA operator Ingka Group has bought US-based supply chain software company Made4Net. This strategic acquisition will help the Swedish furniture retailer speed up its plans to expand in the US and grow its online sales. Ingka is planning to open 17 new stores in the US, and will also upgrade its existing stores.<\/p>\n\n\n\n<p>Made4Net\u2019s state-of-the-art software analyses the warehouses, worker productivity, and delivery routes of companies in order to increase efficiency and cut costs. Since IKEA\u2019s consumers are increasingly demanding next-day and same-day delivery, the company expects that Made4Net will help improve its warehouse and logistics operations, enhancing their consumers\u2019 experience.&nbsp;<\/p>\n\n\n\n<p>While the deal\u2019s amount remains undisclosed, its terms state that Made4Net will continue to serve its existing customers, such as Uber and DHL, and will operate as an independent subsidiary based in New Jersey.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>General misgivings<\/strong><\/h2>\n\n\n\n<p>American discount retailer Dollar General\u2019s stock had one of its worst days this week. On Thursday, the <a href=\"https:\/\/edition.cnn.com\/2023\/06\/01\/business\/nightcap-dollar-general-economy\" rel=\"nofollow\">stock plunged 20%<\/a> after the company cut its sales and profit forecasts for the year. Dollar General\u2019s core consumers are low- to middle-income groups, earning less than $40,000 annually, who are cutting back on spending on discretionary items like clothing and home goods. They are also relying more on food banks, credit cards, and savings for essential items as they struggle with higher prices.\u00a0<\/p>\n\n\n\n<p>The retailer now expects net sales to rise between 3.5% and 5%, compared to its prior outlook of 5.5% to 6%. It also slashed its outlook for a rise in same-store sales from 3-3.5% to 1-2%. Dollar General, once the fastest-growing retailer by store count, is also dialling back on expansion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Invest wisely&nbsp;<\/strong><\/h2>\n\n\n\n<p>Want to invest in tech giants like Salesforce that tend to outperform the market by a wide margin? But don\u2019t know how to go about investing in US-listed companies? All you have to do is <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.appreciatewealth.android\" rel=\"nofollow\">download the Appreciate App<\/a>! With Appreciate, you can easily access all high-performing US stocks and exchange-traded funds and maximise your portfolio returns.<\/p>\n\n\n\n<p>Warm regards,<br><strong>Another week <\/strong><strong><br><\/strong><strong>in the markets<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>27th May 2023 &#8211; 2nd June 2023 | Another week in the markets S&amp;P 500 Nasdaq VIX DJIA Russell 1000 NYSE 4,282.37 13,240.77 14.60 33,762.76 2,344.29 15,345.19 1.83% 2.04% -18.66% 2.02% 1.97% 1.77% Nifty 50 Gold Silver Brent crude USD-INR EUR-INR 18,534.10 $1,964.30 $23.70 $76.40 82.40 88.25 0.19% 0.94% 1.07% -1.00% -0.20% -0.36% Source: MarketWatch\u00a0 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/appreciatewealth.com\/blog\/rearview-mirror\/the-debt-ceiling-crisis\"> <span class=\"screen-reader-text\">The debt ceiling crisis<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"featured_media":4669,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set"},"class_list":["post-6058","rearview_mirror","type-rearview_mirror","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - 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