Watch these sectors for where to trade if a deal is reached between President Biden and Congressional leaders on Tuesday, Morgan Stanley says
Wall Street is hoping for a deal this week between Congressional leaders and the Biden Administration over the debt ceiling crisis. Both sides are set to meet on Tuesday, after a previously scheduled meeting was postponed from Friday . Worry has persisted that a deal may not be agreed upon before June 1, which is the earliest date the Treasury Department has signaled that the U.S. could default on its debt obligations.
The index lost 1% two months after, but ultimately gained 7% six months later. Gold outperformed the overall commodities sector from the Morgan Stanley list, with a gain of 8% in the immediate aftermath of debt ceiling resolutions. Bullion declined 1% two months after an agreement was met, on average, and was 3% higher six months from a deal being reached. The commodities sector is historically less of a standout.
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