American Markets in the Red Again

The Dow Jones Industrial Average has fallen for four straight days.

Economic uncertainty is running rampant in the markets, and it’s being fueled by the US government’s failure to reach a debt ceiling agreement. As the Treasury Department warns of running out of cash, fears of a default and an ensuing recession rise.

“There are real concerns that this could go right down to the wire, and investors are slowly gearing up accordingly,” said Deutsche Bank's Jim Reid, commenting on the political showdown’s effect on the market.

Speaker Kevin McCarthy defended his insistence on a spending cut in a press conference yesterday. “I just think it’s common sense. It’s reasonable and it’s rational that we spend less next year than we spend this year. Every household would do this.”

Ron DeSantis Launches Despite Twitter Fail

Governor DeSantis officially announced his candidacy for president last night.

It didn’t exactly go off without a hitch, though—a huge spike in listeners crashed the audio feed on Twitter’s Spaces and caused about 30 minutes worth of confusion.

DeSantis was undaunted, however, and said that he’s “running for president to lead our great American comeback.” The governor leaned on his record in Florida during his pitch to America, mentioning his state’s staunch resistance to Covid tyranny and attempting to chart a similar path forward for the nation:

“We chose facts over fear, education over indoctrination, law and order over rioting and disorder. We held the line when freedom hung in the balance. We showed that we can — and must — revitalize America.”

Donald Trump is still the clear front-runner, doubling up DeSantis in a recent Quinnipiac poll.

Tina Turner Dead at 83

The Queen of Rock ‘n’ Roll died yesterday.

She passed away in her home near Zurich, Switzerland, from complications of a long battle with illness.

Turner, whose real name was Anna Mae Bullock, learned to sing in her Baptist church in Brownsville, Tennessee. She went on to win eight Grammy awards and land twelve songs in the Top 40. Her first release, A Fool in Love, hit #2 in the charts in 1960 and catapulted a career that lasted until 2009.

Tina suffered in an abusive marriage to former bandmate Ike Turner, and after her divorce she made her comeback to music in the 80’s on MTV.

Max Lousada, a Warner Music executive, had this to say about Turner:

“Even after the countless awards, the 180 million album sales, the record-breaking tours, and unforgettable acting roles, Tina will be remembered most through the sheer joy of her music.”

➤ Rick Scott (R-FL) fired back at the NCAAP’s “Florida travel advisory” with his own advisory: “Travelers should be aware that attempts to spread Socialism in north Florida will fail and be met with laughter and mockery.” (More)

➤ A U.S. general ordered his staff to announce the killing of a senior al Qaeda leader without confirmation, but the drone strike may have actually killed a civilian. A review of the incident is ongoing. (More)

➤ “I’m honestly speechless at this point in time,” Rep. August Pfluger (R-TX) said after hearing that a senior FBI official hadn’t read the Durham Report—the sum of an investigation that found major problems with the Bureau’s investigation of Donald Trump’s alleged collusion with Russia. (More)

➤ Biden’s busses are broken in Michigan. The electric school busses are part of a $1 billion dollar effort by the federal Environmental Protection Agency to convert school busses to electric models. The Ann Arbor Public Schools Board says the busses have significant downtime, performance issues, and aren’t able to be fully on the road. (More)

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➤ NASCAR driver Bubba Wallace's radio was apparently hacked. NASCAR is investigating after rude taunts and expletives were broadcast on the team’s radio channel. The insulting broadcast occurred right after Sunday's race at North Wilkesboro Speedway. (More)

➤ Another name change for Washington’s football team? The USPTO has denied the Washington Commanders a trademark on their name. A spokesperson for the team said they remain confident they’ll get it trademarked eventually. (More)

➤ Joe Burrow, Cincinnati’s star football quarterback, started a clothing line with all profits going to charity. His charitable foundation has recently been celebrated for paying for the hospital bills of Cincinnati families. (More)

Market Report   May 24, 2023

➤ PTC Therapeutics, Inc. stock collapsed yesterday after announcing the drug trial failure for “vatiquinone” designed to treat the genetic condition known as “Friedreich ataxia”. Industry rival Reata Pharmaceuticals remains the only company with an FDA-approved treatment. Reata Pharmaceuticals enjoyed a 20.37% bump in stock price on the news. (More)

➤ The Fed is unsure about another rate hike. Minutes from the last meeting of the Federal Open Markets Committe show members decided to remove the key phrase “additional policy firming may be necessary” from the post-meeting statement. In reaction to this news, markets expect May was the last rate hike. (More)

➤ Amid a salmonella outbreak, Papa Murphy’s reminds people to cook their cookies before they eat them. The CDC says at least 18 cases of salmonella have been linked to Papa Murphy’s with the majority of linked cases admitting they ate the cookie dough raw. (More)

➤ Maybe give grapefruit juice a shot? Orange prices are spiking after Florida farmers report the worst orange crop since before WWII. Multiple hurricanes and an outbreak of citrus greening disease have devastated the Florida crop for this year. (More)

➤ Texas and New York Attorney Generals team up with several other states to sue Avid Telecom over faking caller ID numbers to conduct scam calls. Avid Telecom is accused of making more than 7.5 billion (that’s billion with a b!) calls to numbers on the Do Not Call Registry. (More)

➤ The elephants, penguins, and grizzly bears (oh my!) are apparently looking forward to seeing you. University scientists have released a report suggesting several species of animals at zoos are more social and less bored when people come to visit. (More)

➤ More chaos in Memphis as a drive-by shooting is committed on camera during a local television interview about…. drive-by shootings. (Watch Here)

➤ A hair-pulling massive brawl at the airport in Chicago broke out at baggage claim. The surreal incident started between a few women before more than a dozen people got involved. Police made several arrests. (See and Read More Here)

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Today’s Trivia

Only one of Tina Turner’s songs hit No. 1 on the Billboard chart. What was the song called?