The debt ceiling and the S&P |
As debt ceiling talks go on, Nick Wells of the CNBC data team went back to look at how the markets have fared the last nine times this country's been down to the wire on this issue, dating back to 2010. In the month before an "end date," the S&P 500 has fallen an average of 0.1%. The worst years were 2010 and 2018, when the S&P 500 fell about 5%. On average, the worst performing sectors in the month before a debt ceiling expires are industrials, financials and energy. So far in 2023, energy is down 8%, financials are down 6% and industrials are up 1%.
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Salesforce and software stocks |
Salesforce is now sitting at levels not seen since April 2022 – that's a 13-month high. (Thanks to Chris Hayes for the stat.) The stock is up 51% in 2023, leading the Dow. In the S&P software and services sector, Salesforce is followed by Fortinet up 36% so far in 2023, Microsoft up 28% year-to-date and Cadence up 27% this year. In the bottom of the sector, you'll find DXC down 14%, Gen Digital down 21% and EPAM, which listed 14,000 employees in Ukraine as of last year, that stock is down 29% year to date.
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Checking in on direct-to-consumer retailers after Allbirds and ThredUp report results |
Online thrift store ThredUp has gained 18.6% in a week, but the stock is still down 52% from its 52-week high. Sustainable fashion brand Allbirds is up 14% in a week, but down 77.5% from its high. Farfetch rose 6.75% over the same period, but the online luxury fashion retailer has fallen 68% from its high. Rent the Runway is up 4% in a week and is 62% off its high. Stitch Fix is down 7.3% in a week and 66% from its high.
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