Suit & Times Daily Briefing – May 19, 2025

📬 What We’re Covering Today

• 🩺 Biden Diagnosed with Aggressive Prostate Cancer, Family Reviewing Treatment Options
  Former President Joe Biden has been diagnosed with advanced prostate cancer that has spread to his bones, though doctors say it’s hormone-sensitive and manageable.

• 💰 Trump Tax Bill Clears Key Hurdle Amid GOP Infighting and Moody’s Downgrade
  Trump’s sweeping tax cut package passed a key House panel after tense GOP negotiations, despite warnings it could add trillions to the national debt.

• 📉 Markets Slide as Moody’s Downgrade Sparks Yield Spike and Tech Selloff
  U.S. markets dropped Monday after Moody’s downgraded the nation’s credit rating, sending yields surging and dragging down tech stocks.

• 🩺 Health Groups Mobilize to Defend Medicaid and Obamacare from GOP Cuts
  Advocacy groups are launching a campaign to stop $880 billion in proposed GOP healthcare cuts that could leave 13 million Americans uninsured.

• 🏭 China’s Factories Hold Strong Amid Tariffs, But Retail and Property Sectors Lag
  China’s industrial production beat expectations in April, but weak retail sales and a struggling property market raise questions about the country’s recovery.

📈 The Ledger

Tracking key market indexes to give you a pulse on global financial movements. 

These indexes cover U.S. markets, global equities, small-cap stocks, volatility, and economic trends, offering a snapshot of where the market is heading.

🔹 Why These Indexes Matter:

• Broad Market Trends: The S&P 500, Dow Jones, and Nasdaq show how major U.S. companies are performing.

• Volatility & Risk: The VIX measures market uncertainty and investor sentiment.

• Global Perspective: FTSE 100, Nikkei 225, and MSCI World reflect international market health.

🩺 Biden Diagnosed with Aggressive Prostate Cancer, Family Reviewing Treatment Options

The Story: Former President Joe Biden has been diagnosed with an aggressive form of prostate cancer that has spread to his bones, according to a statement from his personal office. The cancer, while serious, is hormone-sensitive, offering doctors a range of options for treatment, which Biden is now evaluating with his medical team.

The 82-year-old is currently at his home in Wilmington, Delaware, and remains out of the public eye following the announcement. Public support has poured in from across the political spectrum, with former President Trump and Vice President Kamala Harris both offering well-wishes and calling Biden a “fighter.” The diagnosis comes amid ongoing scrutiny of Biden’s health, which contributed to his decision to exit the 2024 race.

🔻 Bullet Points:

• Aggressive Diagnosis: Biden was diagnosed Friday with a high-grade form of prostate cancer (Gleason score 9) that has metastasized to his bones.

• Hormone-Sensitive, Treatable: Doctors say the cancer’s hormone sensitivity makes it more manageable, with treatment options including hormone therapy, chemo, and radiation.

• Health Concerns Resurface: Biden’s age and past health questions have reemerged; reports reveal aides discussed placing him in a wheelchair during his final year in office.

• Public Support Across Party Lines: Trump, Harris, Clinton, and Obama all issued public statements offering support and prayers for Biden’s recovery.

• Cancer Moonshot Legacy: Biden led the “Cancer Moonshot” initiative in 2016 and revived it in 2022, pledging to cut cancer deaths by 50% in 25 years — now facing the disease himself.

• Outlook Cautiously Optimistic: Experts say new treatments have dramatically improved survival rates, but warn treatment decisions could impact cognition and quality of life.

🔗 Read the full story → CNN

💰 Trump Tax Bill Clears Key Hurdle Amid GOP Infighting and Moody’s Downgrade

The Story: President Trump’s massive tax-cut bill advanced out of the House Budget Committee on Sunday after days of intra-party fighting, handing Trump and Speaker Mike Johnson a rare win in their push to extend 2017 tax cuts and boost defense and immigration funding. The bill now heads to the House Rules Committee, with a full vote expected before Memorial Day.

The legislation comes amid economic turbulence: it could add up to $5 trillion to the national debt, Moody’s downgraded the U.S. credit rating on Friday, and Republicans are divided over whether to cut Medicaid and green tax credits to cover the cost. Democrats warn the plan could push the U.S. into recession.

🔻 Bullet Points:

• Tax Bill Advances: Trump’s sweeping tax plan passed a late Sunday vote in the House Budget Committee after concessions to GOP hardliners.

• Debt Concerns Rise: Analysts warn the bill could increase the national debt by $3–5 trillion over a decade, pushing it to 134% of GDP by 2035.

• Medicaid in the Crosshairs: Conservatives are pushing to cut Medicaid and repeal green tax credits, despite internal GOP resistance.

• Moody’s Downgrades U.S. Credit: The agency cited rising debt and lack of fiscal discipline; Treasury Secretary Bessent brushed it off with “Who cares?”

• Market Jitters: The downgrade and tax uncertainty come as Wall Street braces for potential volatility linked to Trump’s tariff shifts.

• Political Stakes: With control of Congress at stake in 2026, moderate Republicans fear backlash over cuts that could drop 8.6 million from Medicaid.

• Debt Ceiling Showdown Looms: Lawmakers face a major summer deadline to raise the debt ceiling or risk default — with this tax bill complicating the math.

🔗 Read the full report → Reuters

📉 Markets Slide as Moody’s Downgrade Sparks Yield Spike and Tech Selloff

The Story: U.S. stock futures tumbled Monday morning after Moody’s downgraded the U.S. credit rating, citing rising debt and fiscal instability. The move sent Treasury yields soaring, with the 30-year yield breaching 5% and the 10-year yield climbing above 4.5%, adding pressure to stocks already sensitive to higher borrowing costs. The Dow dropped over 260 points premarket, while tech-heavy Nasdaq futures shed 1.5%.

The downgrade, Moody’s third for the U.S., comes amid ongoing uncertainty around Trump’s tariff policies and mounting federal deficits. Tech giants like Tesla, Nvidia, and Palantir led the losses. Traders are now watching the bond market closely, as elevated yields threaten to undo last week’s rally spurred by the temporary U.S.-China tariff truce.

🔻 Bullet Points:

• Dow Futures Down Over 260 Points: Markets dropped sharply in early trading after Moody’s lowered the U.S. credit rating to Aa1, citing soaring debt and interest costs.

• Yields Spike on Downgrade: The 30-year Treasury yield rose above 5% and the 10-year topped 4.5%, levels that spooked investors last month.

• Tech Stocks Hit Hard: High-growth names like Tesla (-4%), Nvidia (-3%), and Palantir (-4%) led the declines as rising yields dampened risk appetite.

• Trump Tells Walmart to 'Eat the Tariffs': Over the weekend, Trump lashed out at Walmart on Truth Social, blaming them for passing tariff costs onto consumers.

• Fed’s Bostic Leans Toward One Rate Cut: The Atlanta Fed president said he sees room for one rate cut in 2025 but warned inflation expectations are creeping up.

• Downgrades Rattle Premarket Movers: Netflix fell after a JPMorgan downgrade, while Reddit dropped nearly 7% following a Wells Fargo cut tied to AI-driven search disruption.

• Wall Street Watching for More Trade Deals: Despite the China deal bounce, analysts warn that rising rates and tariff unpredictability could reverse gains.

🔗 Read the full story → CNBC

🩺 Health Groups Mobilize to Defend Medicaid and Obamacare from GOP Cuts

The Story: U.S. health advocates are launching a fierce campaign to block House Republicans’ proposed $880 billion cuts to Medicaid and Obamacare — a move that could strip insurance from 13 million Americans. The sweeping legislation, backed by President Trump and Speaker Mike Johnson, seeks to impose work requirements and eliminate ACA subsidies, triggering backlash not only from advocacy groups but also divisions within the Republican Party itself.

Critics, including the American Lung Association and the American Cancer Society, warn that the proposals will disproportionately harm the sick, elderly, and working poor. Meanwhile, even conservative voices are expressing unease, calling the strategy both morally and politically dangerous as House leadership races to push the bill through before Memorial Day.

🔻 Bullet Points:

• $880B in Cuts Proposed: The GOP-backed House bill targets Medicaid and ACA subsidies, potentially leaving 13 million Americans without health coverage.

• Work Requirements at Center: The plan would mandate work before applying for Medicaid, which experts say adds burdens without increasing employment.

• Health Advocates Push Back: Groups like the American Lung Association and American Cancer Society say the plan punishes vulnerable patients already struggling to survive.

• Republican Rifts Emerge: Some Senate Republicans and conservative voices, including Sen. Josh Hawley, call the cuts “morally wrong” and “politically suicidal.”

• RFK Jr. Defends Cuts: Health Secretary Robert F. Kennedy Jr. argued Medicaid should only serve the most vulnerable, igniting further controversy.

• ACA Subsidies Also on Chopping Block: GOP leaders want to let Obamacare tax credits expire, threatening affordable coverage for millions of low-wage workers.

• CBO Warning: Congressional analysts estimate the bill could lead to 13 million losing insurance by 2034.

• House Vote Coming Soon: Speaker Johnson has set a Memorial Day deadline to push the bill through the chamber.

🔗 Read the full story → The Guardian

🛡️ Coinbase Confirms Hack, Refuses $20M Ransom as User Data Leaked

The Story: 

🔗 Read the full story → China’s factory output held up better than expected in April despite the drag of U.S. tariffs, but a slowdown in retail sales and ongoing property sector struggles signal deeper economic uncertainty. While industrial output grew 6.1% — beating forecasts — retail sales disappointed, and economists warned that recent gains may be temporary without stronger policy support.

A 90-day tariff pause between the U.S. and China brought some relief to markets, but concerns remain over President Trump’s unpredictable trade policies and the lingering 30% levies still in place. Meanwhile, Beijing is scrambling to stabilize growth through stimulus and rate cuts as economic momentum looks increasingly fragile heading into the summer.

🔻 Bullet Points:

• Factory Output Surprises: Industrial production rose 6.1% in April, beating expectations and showing resilience despite tariff headwinds.

• Retail Sales Disappoint: Consumer spending grew just 5.1%, missing forecasts and reflecting weaker domestic demand amid trade tensions.

• Property Slump Continues: Home prices stagnated and real estate investment shrank, signaling prolonged weakness in China’s housing sector.

• Stimulus Measures Deployed: China has rolled out interest rate cuts and liquidity boosts to cushion the blow from U.S. tariffs and internal economic challenges.

• Tariff Truce Offers Short-Term Relief: A temporary U.S.-China trade deal paused most tariffs, but ongoing 30% duties still cloud the export outlook.

• Unemployment Inches Down: Jobless rate ticked lower to 5.1%, though factory closures and weak demand have hit employment in some sectors.

• Consumer Confidence Shaken: Economists say households are cautious, with tariff fears and job uncertainty weighing on spending behavior.

• Outlook Remains Uncertain: Analysts warn that without further easing, growth could slow in coming quarters, despite a strong Q1 showing of 5.4%.

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!