US: Trump To Meet With Conservatives At 15:00ET To Urge Support For Megabill
May-21 15:28
Jake Sherman at Punchbowl News reporting that House Speaker Mike Johnson (R-LA) and members of the conservative House Freedom Caucus will meet with President Donald Trump at the White House at 15:00 ET 20:00 BST. Sherman notes that Trump, "is expected to tell the HFC that the bill needs to pass today," referring to the 'Big Beautiful' reconciliation bill.
- As noted in previous bullet, the move is consistent with a strategy utilised by Johnson and Trump throughout this Congress to personally whip individual conservative House Representatives on key House votes. See: US: Speaker Johnson Says There Is "Chance" Of A Vote On Megabill Today
- Johnson and Trump are likely to impress on conservatives that passing the House reconciliation bill today is crucial to minimise the risk of attendance problems caused by the upcoming Congressional recess.
- Trump is likely to use his authority to informally endorse more deficit reduction measures in future revisions to the bill, as the package next heads to the Senate, where it is likely to be rewritten and returned to the House.
- The White House meeting keeps open the possibility that Johnson could schedule a vote in the House today. If a vote doesn't come this evening, Johnson has promised to keep the chamber in session indefinitely until the bill is passed.
- Note: The House Rules Committee is still in session and debating amendments to the bill. The panel is yet to unveil any updated measures.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US STOCKS: Stocks Tracking Lower, Still Off April Lows
Apr-21 15:24
- Stocks are back to trading weaker Monday, unwinding last Thursday's modest bounce, current SPX eminis levels putting the index back to April 10 lows, still off April 7 low of 4832.00. Risk sentiment hampered after Pres Trump berates Fed Chair Powell for not preemptively cutting rates.
- Currently, the DJIA trades down 942.51 points (-2.41%) at 38191.13, S&P E-Minis down 131.25 points (-2.47%) at 5181, Nasdaq down 456 points (-2.8%) at 15828.34.
- Consumer Discretionary and Information Technology sectors underperformed in the first half, Tesla -6.48%, Chipotle Mexican Grill -4.86%, Deckers Outdoor -4.06%, Carnival -3.59% and Starbucks -3.42%, led laggers in the Consumer Discretionary sector.
- Chip makers primarily weighed on the IT sector: Super Micro Computer -5.90%, NVIDIA -5.06%, Arista Networks -5.04%, Palo Alto Networks -4.39% and Oracle -4.33%
- On the positive side, Consumer Staples and Materials sectors outperformed: Dollar General +1.99%, Kroger +0.80%, Kraft Heinz +0.75%, Mondelez International +0.27% and Coca-Cola Co +0.10%.
- Aside from IFF, miners buoyed the Materials sector as gold climbed to a new intraday all-time high of 3429.50: Newmont Corp +0.53%, International Flavors & Fragrances +0.29%, The Mosaic Co +0.26%.
- Equity earnings resume after the close: Hexcel Corp, Medpace Holdings Inc, W R Berkley Corp, AGNC Investment Corp and Western Alliance Bancorp reporting.
FED: US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
Apr-21 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
Apr-21 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
