🦢 U.S. Debt Ceiling Meeting Postponed | What Does this mean?

Good Afternoon!

Happy Mother's Day weekend to all the moms reading this. And if you aren't a mom, please make sure your mom has the best day ever!

Wahoo!! Friday!!! It’s the weekend! But not before your weekly Black Swan Street newsletter… So get ready for the best weekly stock market summary you’ll ever read.

• Stock Market Summary 🦢

• Debt Ceiling Meeting Postponed 🏛

• Other News In The Stock Market 🌎

• Next Week In The Stock Market 🔮

Right now you’re reading the website version of Black Swan Street.

Want this sent straight to your inbox every week, so you never miss any editions?

You can subscribe for free here ↓

Okay, now let’s get into it ↓

Stock Market Summary 🦢 

How Did The Market Perform This Week:

Earnings Summary This Week:

Best Performing Large Cap Stocks This Week:

Worst Performing Large Cap Stocks This Week:

Debt Ceiling Meeting Postponed 🏛

A debt limit meeting that was supposed to be held today (Friday, May 12th) is now postponed to sometime “early next week.”

President Joe Biden and House Speaker Kevin McCarthy have failed to agree on how to handle the U.S. debt ceiling. Biden wants to lift the government’s $31.4 trillion debt limit, while McCarthy and other GOP leaders want the government to slash trillions of dollars in spending cuts before agreeing to any sort of deal.

One thing is for sure, the debt ceiling will get raised. If it doesn’t, it will cause the United States to default on its debt (which has never happened in history) and would have CATASTROPHIC repercussions in not only the United States, but across the world.

Other News In The Stock Market 🌎

• Goldman Sachs settles gender bias lawsuit for $215 million - CBS

• Novavax to cut 25% of global workforce - FB

• Ryanair sign $40 billion deal for 300 Boeing aircraft - BBC

• Occidental buys back 6.5% of Warren Buffett’s preferred stock - BBG

• Tempur Sealy reaches to acquire Mattress Firm for $4 billion - FB

• U.S. inflation below 5% for first time in two years - BBG

• Marlboro parent Altria offers $235 million to settle 6,000 Juul-related lawsuits - MW

• Icahn Enterprises stock falls on US Attorney’s office requests information - YF

• Syneos taken private for $4.46 billion by investment consortium - RT

• Rockwell Automation faces US government probe over China ops - YF

• Peloton recalls 2.2 million exercise bikes over seat issue - RT

• Biden debt-ceiling meeting with lawmakers postponed - MW 

• Tesla forced to recall over 1 million cars in China due to possible brake problem - FB

• Evergrande ordered by China court to pay $860 million in dispute - BBG

• First Solar acquiring Evolar for $80 million - TR

Next Week In The Stock Market 🔮

What the Swan is Watching:

Tuesday: Home Depot, Baidu, Sea Limited

Wednesday: Target, Cisco, TJX

Thursday: Walmart, Alibaba, Ross Stores, Applied Materials

Friday: Deere & Company, Foot Locker

Economic Calendar Next Week:

That’s all we got for this week!

Please let us know what you thought about this week’s edition ↓

Follow us on Twitter for real-time market updates ↓

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research