“US Economy Approaching Disaster: Bank Stocks Weaken, Disney Misses Subscriber Numbers”

Investing.com – Stocks were volatile on Thursday as bank stocks showed further weakness and Disney (NYSE:) failed to meet expected subscriber numbers in the fourth quarter.

Bank stocks are falling amid renewed concerns about deposit outflows. Shares fell PacWest Bancorp (NASDAQ: ) fell 21% after it revealed another drop in deposits last week following news reports that it was exploring selling options.

But shares were also weaker because Disney reported losing four million streaming subscribers. Overall, revenue in the most recent quarter rose 13% for the entertainment giant.

Investors were concerned that the weakness of the banks could turn into a contagion that could affect the economy. Futures traders expect the Federal Reserve to halt interest rate increases at the June meeting after it raised another quarter percentage point last week.

Next week comes retail sales data that could provide another glimpse into consumer demand.

Here are three things that could affect the markets tomorrow:

1. Consumer confidence

The University of Michigan released its reading at 14:00 GMT. Analysts expect the number for May to fall to 63 from 63.5 in the previous release.

2. The debt ceiling

Lawmakers plan to meet again on Friday to resolve their differences over the government’s debt ceiling as the deadline for a deal to quickly raise it approaches. Democrats want to raise the cap without strings attached, while Republicans have insisted on spending cuts on any deal. Treasury Secretary Janet Yellen warned that the government may run out of options to pay its obligations as early as June 1.

3. Federal Reserve Speaker

Federal Reserve Governor Philip Jefferson is scheduled to speak at the Hoover Institution Monetary Policy Conference at 19:45 ET.

markets today

It declined strongly due to concerns about the US debt ceiling and its catastrophic repercussions on the global economy.

Today, it recorded $75.56 a barrel, while WTI recorded $71.50 a barrel.

Gold prices also declined due to a new strength gained by the US, which led it near the 102 level. It recorded $2,014 an ounce, down 0.77%, while it recorded $2,020 an ounce, a decrease of 0.84%.