The Show Notes: Market Mayhem, NRSC Swings Big, & More Biden Polling
Welcome! The Biden administration canceled an Alaskan oil and gas lease on 1 million acres of land as fuel prices hit fresh new highs.
Clip of the day:
The Market Tailspin
Markets are nose-diving as the Dow heads for its sixth-straight day of losses while the S&P 500 hit a fresh new low for the year. Crypto markets are seeing increased volatility as bitcoin traded below $26,000 for the first time in 16 months. Much of the pessimism in crypto stems from the recent failure of two major “stable coins” to remain… stable. The result was $200 billion wiped from the entire crypto market in a single day.
Here are more economic headlines:
Crash of TerraUSD shakes crypto. ‘There was a run on the bank.’ - WSJ
Wholesale inflation rose 11% in April as producer prices keep accelerating - CNBC
Twitter’s market cap has dropped to $9 billion below Musk’s purchase price as concerns about deal emerge - CNBC
BREAKING: Jerome Powell confirmed by Senate - CNN
Senate Republicans Go Big
The NRSC is spending big and early in key swing states across the country in order to take back control of the Senate. This is from Politico:
The National Republican Senatorial Committee is reserving $53 million in ads in top battleground states through the November election, a figure substantially larger than the Democratic Senatorial Campaign Committee’s $33 million initial ad buy for the year — and greater than the NRSC’s $33 million reservation at this point in the 2020 cycle.
Here’s the breakdown:
$9.5 million in Georgia
$9 million in Wisconsin
$9 million in New Hampshire
$8 million in Arizona
$8 million in Pennsylvania
$6.5 million in North Carolina
$3 million in Nevada
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Biden’s Bad Polling Got Worse
Yesterday we covered Biden’s historically low job approval rating of 39% in the IBD/TIPP poll. Today we have fresh polling out from Monmouth placing Biden’s job approval rating at a paltry a 38%. That’s not all. Civiqs released a poll earlier today giving Biden a 34% job approval rating. Ouch.
The rest of the news: