Debt limit deadline looms as parties clash in D C
Senate Democrats pressure Republicans on debt ceiling impasse urging budget cuts tied to the borrowing limit while Republicans demand spending reductions. House bill aims to raise the debt ceiling and cap spending, but is expected to fail with Biden not set to sign. White House meeting slated for next week as urgency grows with June 1 to avoid default.
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Biden Harris meet with AI CEOs on risks and ethics
Vice President Harris met with Google and Microsoft chiefs along with Anthropic and OpenAI leaders to discuss managing AI risks while Biden urged education on safeguarding society. The White House announced 140 million for seven new AI research institutes and guidance for federal use of AI tools.
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Banking sector sentiment holds but risks linger after mergers collapse
Western Alliance sought to reassure investors that deposits are stable after a Tuesday gain and First Horizon shares plunged 33.2 percent as its merger with TD Bank Group was called off. Regulators previously seized First Republic Bank, with authorities aiming to bolster market confidence. The Federal Reserve raised rates to a 5.00 percent to 5.25 percent range, while DoorDash posted stronger first quarter results and lifted its full year gross order value guidance to 63.0 to 64.5 billion amid overseas expansion and a Welt Enterprises acquisition.
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Wall Street dives as PacWest shares lead banking fears
U S stocks fell with the S&P 500 down 0.7 percent and the Dow off 286 points as banking sector jitters intensified. PacWest Bancorp tumbled over 50 percent amid scrutiny after bank failures and Western Alliance Bancorp slid sharply on a report it denied.
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