The stock market

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Futures up this morning across the board..................

Blah blah blah - Here you go..........................:)

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The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.

If we could only undue that permanent tax cut the former administration gave to corporations and the wealthy, without any cuts to spending, but no politics...
The economy is not the stock market. In fact, recently, news of a strong economy has hurt the market on a scare that the fed would raise rates.

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Profits plunged at Goldman Sachs ([GS]('https://finance.yahoo.com/quote/GS?p=GS&.tsrc=fin-srch')) during the second quarter as the Wall Street giant struggled with its core businesses of dealmaking and trading while taking impairment charges on consumer and real estate holdings.

Goldman's investment banking revenue declined 20% from a year ago and trading dropped 12%. That helped drag earnings down 58%, to $1.2 billion.

The earnings drop was worse than analysts expected. It was the firm's lowest quarterly profits since early 2020.

Revenues from those businesses dropped during the last quarter at Citigroup ([C]('https://finance.yahoo.com/quote/C?p=C&.tsrc=fin-srch')) and JPMorgan Chase ([JPM]('https://finance.yahoo.com/quote/JPM?p=JPM&.tsrc=fin-srch')) but were up at Bank of America ([BAC]('https://finance.yahoo.com/quote/BAC?p=BAC&.tsrc=fin-srch')). At Morgan Stanley ([MS]('https://finance.yahoo.com/quote/MS?p=MS')), investment banking was flat compared to a year ago while trading revenues were down.

Goldman's drop in investment banking was the second-worst among its peers, behind Citigroup. Its trading decline put it in the middle of the pack, better than Citigroup and Morgan Stanley but worse than Bank of America and JPMorgan.

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