Today, U.S. House Speaker Kevin McCarthy visited the New York Stock Change to outline his plan for raising the U.S. debt limit, which is on pace to be exhausted between July and September. McCarthy said Republicans will soon vote on a bill to raise the debt ceiling for one year while cutting the federal budget and instituting new requirements for social programs like Medicaid and food stamps. The United States' national debt is currently $31.46T.  Q: Will Congress succeed in raising the debt ceiling before the U.S. defaults this summer? Share your thoughts on Inside.com.
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2 | Apple surprised investors today by launching its Apple Card savings account, which offers a 4.15% annual percentage yield. The savings account is the product of a partnership between Apple and Goldman Sachs and will be available for users who own an Apple Card. |
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3 | Alphabet shares slipped 2.66% lower today after an NYT report revealed that Samsung began considering switching its default search engine to Microsoft's Bing in March. The South Korean electronics maker, which accounts for 20% of the U.S. smartphone market, currently ships its devices with the Google app pre-installed, a deal that generates $3B in revenue annually for Google. Q: Does Bing pose a threat to Google's search business? Tell us what you think at Inside.com. |
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4 | General Motors closed nearly 2% higher today after unveiling its gas-powered 2024 Buick Envista. The reveal marks Buick's final new combustion engine vehicle as it transitions to a fully electric U.S. lineup by 2030. |
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5 | Fox News and Dominion Voting Systems will head to trial on Tuesday to begin jury selection and opening statements, a one-day delay from the scheduled start on Monday. Dominion is suing Fox Corp and its cable TV networks for $1.6B over alleged defamation stemming from false claims they made about it attempting to rig the 2020 election. |
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6 | According to the U.S. Treasury Department's latest electric vehicle tax credit guidelines, only sixteen models are eligible for credit, limiting the choices to four U.S. brands: Tesla, General Motors, Ford Motor, and Stellantis. The stricter requirements, which consider manufacturer-suggested retail price, manufacturing location, and origin of battery materials, stem from the Inflation Reduction Act passed last year. |
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7 | Charles Schwab reported its first-quarter results today, revealing an 11% or $326B QoQ decline in consumer deposits. The outflow of funds, which leaves Schwab's total deposits 30% lower than a year ago, stems from uncertainty in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. |
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