McConnell joins Democrats to rule out a U.S. debt default after White House meeting
President Joe Biden and Democratic leaders, as well as Republican Senate Majority Leader Mitch McConnell, all pledged that the United States will not default on its debt after a high stakes meeting at the White House.
"I made clear during the meeting that default is not an option," Biden said at a hastily called press conference.
"The United States has never defaulted on its debt and it never will," said McConnell, who attended the meeting with GOP House Speaker Kevin McCarthy, Calif., Democratic Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, both of New York.
Schumer said that McCarthy was the only attendee at the meeting who would not rule out a debt default. "We explicitly asked speaker McCarthy would he take default off the table. He refused," Schumer said.
For his part, McCarthy told reporters he did not see "any new movement" in negotiating positions. "Everybody in this meeting reiterated the positions they were at," he said.
Despite making little progress, the leaders will reconvene on Friday. In the interim, Biden said, their aides will meet every day.
— Christina Wikie
Airbnb drops 11% on soft guidance
Airbnb shares lost 11% in extended trading after sharing soft guidance for the current quarter.
Despite the after-hours losses, Airbnb reported first-quarter earnings that beat analyst estimates on both the top and bottom lines.
Looking ahead, the company warned of tough comparables in the second quarter. Last year, the company benefited during the period from pent-up demand for travel following an omicron surge.
For the current period, Airbnb said it expects a decline in bookings growth and average daily rates from a year ago.
Airbnb falls on disappointing guidance
— Samantha Subin, Ashley Capoot
Twilio, Affirm among stocks moving after hours
These are some of the names making the biggest moves after the bell:
Twilio — Twilio shares shed nearly 14% after providing a lighter-than-expected forecast for the current quarter. The company posted a slight beat on revenue.
Rivian — The electric vehicle stock gained more than 5% in extended trading. Rivian reported a narrower-than-expected loss and revenue beat Wall Street's expectations. The company also reaffirmed its EV production target.
Affirm — Shares of the buy-now-pay-later company fell more than 9% despite better-than-expected revenue. Losses for the quarter tripled from last year, but were narrower than expected.
— Samantha Subin
Stock futures open lower
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