The S&P 500 gained +1.6% and is now up +9% YTD. A rotation back into technology has fueled the NASDAQ composite to a +20% gain so far this year, with many 2022 laggards showing sharp rebounds. Now, markets are increasingly worried about the narrowing window for a debt ceiling agreement. Initial constructive comments from Speaker McCarthy last week were encouraging, although a tangible agreement still seems fleeting. Treasury Secretary Yellen has warned that the US will run out of money to pay bills earlier than initially forecasted, perhaps by June 1.
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