Dow futures rise 55 pionts, Stock market news May30

Today’s main U.S. market news –

1. Dow futures advance 55 points, and Nvidia will reach the $1 trillion club.
2. U.S. markets increase in anticipation of a debt ceiling liftoff.
3. Elon Musk, the CEO of Tesla, lands his jet in China – Reuters
4. In premarket trading, NVIDIA shares reached $400 and last increased by 2.9% to set a new record high.
5. What’s influencing markets must be reported by HP to House committee reviewing debt limit agreement
6. The House Rules Committee will review the bill later today, which will be one of the first significant tests for the recently negotiated debt ceiling agreement in Congress.
7. After U.S. business hours, HP Inc. (NYSE:HPQ) will release its second-quarter financial results.
8. The Dow futures contract increased by 81 points or 0.24%, the S&P 500 futures increased by 24 points or 0.57%, and the Nasdaq 100 futures increased by 156 points or 1.09% at 05:16 EST (09:16 GMT).
9. Nvidia is on course to surpass a valuation of $1 trillion amid a rise in interest in AI
10. Wedbush boosted its target price on Microsoft stock following ChatGPT’s performance.
11. Elon Musk and the Chinese foreign minister meet in Beijing.
12. Futures increase on a possible debt ceiling agreement
13. The first US chipmaker with a valuation of over $1 trillion will be Nvidia.
14. OPEC+ discussions uncertainties and US debt deal problems cause oil to decline by 2%.
15. Gold at a two-month low as debt deal optimism and a hawkish Fed outlook prevail.
16. Oil rises as investors consider Fed worries and optimistic debt deal.
17. McCarthy and Biden’s rocky path to a debt ceiling agreement.
18. Dow futures increase on hope for debt settlement.
19. Dollar drops as the US debt ceiling agreement increases risk taking.
20. Gold at a two-month low as debt deal optimism and a hawkish Fed outlook prevail.

GLOBAL NEWS 

1. As U.S. ties deteriorate, Asian stocks decline and Chinese shares reach a five-month low.
2. European stocks are down; a U.S. debt agreement must pass Congress
3. European equities and the dollar are stable as the U.S. debt agreement comes into sight. 
4. Top European banks might suffer, the ECB says, if funds have problems.
5. The head of the Bank of Israel issues a warning against further interest rate increases if the shekel continues to decline.
6. Zimbabwe announces further initiatives to support the weak native currency.
7. Brazil’s Patria raises $118.3 million through the sale of SmartFit shares.
8. Elon Musk and the Chinese foreign minister meet in Beijing.
9. Bitcoin was noticed being discounted for sale by Binance Australia users.
10. A gigafactory in France, the first of four such facilities in Europe, will be officially opened on Tuesday.
11. UK retail price inflation reaches a new peak: BRC
12. Yen strengthens ahead of policymaker meeting; dollar gains on debt agreement
13. OPEC+ discussions uncertainties and US debt deal problems cause oil to decline by 2%.
14. The Australian regulator and Crown Resorts have reached a $294 million settlement.
15. A ‘war crimes trial’ via proxy is nearing a decision in an Australian defamation court.
16. As China’s economic recovery falters, hawkers have returned to the streets.
17. Qantas reiterates a capex outlook of up to $2.2 billion for fiscal 2024.
18. Bank information is sought by an Israeli watchdog investigating interest rates.
19. Asian equities generally rose as the US debt settlement boosted optimism
20. BOJ will patiently maintain its ultra-lax policy, says Governor Ueda
21. Mitsubishi Motors will continue to halt production in China, according to Yomiuri
22. Clients and employees of PwC Australia are the focus of government hearings on the tax leak
23. In April, Japan’s unemployment rate dropped to 2.6%.

Economic data

• Early Treasury rates are lower overall as the 2-year slides -8 basis points to 4.51% and the 10-year drops -9 basis points to 3.72%.

   

• China has rejected a request; The Wall Street Journal reported on Monday that China has declined a request from the United States for a meeting between their defence chiefs to take place this upcoming weekend in Singapore, in conjunction with an annual security gathering.

   

• Japan’s jobless rate fell to 2.6% ; According to government statistics, Japan’s unemployment rate decreased to 2.6% in April from 2.8% the previous month.

Economic Calendar

Tuesday May30

• •     7:45 AM ET                  ICSC Weekly Retail Sales
  •     9:00 AM ET                  Monthly Home Price Index for March
  •     9:00 AM ET                  S&P CaseShiller 20-City index for March
  •     10:00 AM ET                Consumer Confidence for May
  •     10:30 AM ET                Dallas Fed Manufacturing for May
  •     1:00 PM ET                   Fed’s Barkin Speaks on Monetary Policy, Outlook

Other Key Events:

·     American Thoracic Society (ATS) Conference, 5/20-5/24, in Washington DC

·     Berenberg European Conference 2023, 5/23-5/24, in New York

·     Jefferies Renewables & Clean Energy Conference (virtual), 5/23-5/24

·     JPMorgan Annual Global Tech, Media & Communications Conference, 5/22-5/24, in Boston, MA

·     UBS Financial Institutions Conference, 5/23-5/24, in Switzerland

·     UBS Global Energy Conference, 5/22-5/25, in Austin, TX

·     Wolfe Research Global Transportation & Industrials Conference, 5/23, in New York

·     China NBS Manufacturing PMI for May

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