Evergrande And The Debt Ceiling Could Floor Investors

Evergrande And The Debt Ceiling Could Floor Investors

Friday's rally appears to have lost its momentum over the weekend because stock futures are trading lower before Monday's open. China's troubled real estate developer Evergrande continues to be a drag on stocks. Hong Kong's Hang Seng Index (HIS:HK) dropped 2% as trading on Evergrande was halted. Chinese markets are closed until Friday due to holidays. This may provide Evergrande more time to find a solution to pacify investors. Automaker/tech company, Tesla TSLA (TSLA) is doing their best to create a spark among investors. On Saturday, the company reported a record quarter by delivering 70% more cars than a year ago. Despite the semiconductor shortage, the company has been able to increase its vehicle deliveries. Shares of Tesla were up 2. 8% in pre-market trading. Washington D. C. isn't helping matters as they continue to cause investors concern over the debt ceiling debate. President Joe Biden met with his Democrat cohorts and appears to have been influential in finding a middle ground for progressives and moderates among his party. The interparty turmoil has kept the debt ceiling debate in limbo as the party is divided over infrastructure and social spending bills that have blocked the debt ceiling from being addressed.