(Bloomberg) — Volatility continued to roil risk assets, with energy prices spiking higher and U.S. equities sliding toward their worst quarter since the start of the pandemic.
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Economically sensitive companies led losses in the S&P 500, with the gauge on track for its lowest level since July. A poor forecast at Bed Bath & Beyond Inc. and supply-chain worries at Kohl’s Corp. dragged retailers lower. Oil resumed its advance, while natural gas spiked.
Political wrangling in Washington is threatening to push the U.S. into default and force President Joe Biden to scale back his spending agenda. Democratic Senator Joe Manchin wants the tax and social spending bill that would encompass the bulk of Biden’s economic agenda whacked back to $1.5 trillion — less than half the outline written by congressional Democrats. House Speaker Nancy Pelosi is pushing ahead with a vote on a bipartisan infrastructure bill, despite threats from…