The Week Ahead: Biden Debt Ceiling Meeting, Failed Banks Senate Hearing &  OpenAI CEO to Testify

Closing Bell

Let's take a look at what is on tap next week in our segment next week on the street. Of course, where we preview events that are short of markets in the days ahead. So first up the deadline to raise the US debt limit in order to avoid default is looming, the White House and top leaders in Congress will meet next week on GP demands for budget cuts in exchange for raising the debt ceiling. The meeting was postponed from today and comes after Tuesday's meeting ended in a stalemate while the White House today maintaining its position that the debt ceiling and spending negotiations must be separate. And Treasury Secretary Janet Yellen has signaled that the US could default on its debt as soon as June 1st. We also have a big week of earnings on tap. Uh That'll be moving the markets in addition to any updates on the debt ceiling. So some of the country's biggest retailers set to report you see them on your screen there. Home Depot Target TJ X Walmart all on tap in the week ahead. All results from the companies especially Target and Walmart tend to have an outsized impact on the stock market. And they also give us a key gauge of consumer spending and the ongoing shift away from discretionary item purchases to buy more necessities. Amid this inflationary environment, investors want to see that inventory levels are starting to come down and that e commerce investments are paying off. So we'll bring you the results and the market reaction all next week on and be earnings aside. We're also going to get some retail data on the broader scale. So this will coincide nicely with those earnings. April retail sales figures highlight the week of economic data due out next week. Uh retail sales down 1% in the month before. Data from the analytics company place or A I shows monthly store visits fell in the first quarter. But that shoppers are spending more time browsing in stores, meaning that they might be buying more new data from the housing market out next week will also give us a closer look at how the industry is doing with housing starts and building permits. Giving us a sense of how new home construction is faring and then existing home sales showing us the market of previously owned homes even as rates, mortgage rates remain elevated. So that will be important. Former executives of two regional banks that collapsed earlier this year. They'll testify on the hill on May 16th on Tuesday. The Senate Banking Committee will hear from Gregory Becker, the former Ceo of Silicon Valley Bank as well as Scott, she and Eric Howell, both formerly top executives at Signature Bank. It'll be the first time that they publicly address how the two banks failed as the fallout continues throughout the regional banking sector. You can expect the former leaders to face tough questions from senators on both sides of the aisle and we're also due for the first to ever congressional testimony from Open A I founder and CEO Sam Altman as Washington grapples with how to regulate rapidly advancing artificial intelligence tools. The leader of the company behind generative A I chatbot chat GP T is set to appear next Tuesday before the Senate judiciary subcommittee on privacy technology and the law. The night before Altman is scheduled to join lawmakers from both parties for a dinner aimed at educating members. According to NBC news, one of the co hosts reported that at least 50 lawmakers have already R S V P.