Nasdaq future rise, U.S. market news May25

Today’s main U.S. market news –

1. Futures on the Nasdaq rise as Nvidia drives an AI-driven gain.
2. 3 things to watch: the GDP number, Costco earnings, and the workday
3. What’s causing markets to move? A debt limit standoff, a warning from Fitch, and a surge in Nvidia.
4. In light of the approaching debt deadline, Fitch downgrades the US rating.
5. Asian Nvidia suppliers surge on optimistic AI-driven outlook
6. Following a great projection, Nvidia is on the verge of becoming the first trillion-dollar semiconductor company.
7. Stock market decline: Fitch’s blow to the United States; watch out for potential “miscalculation”
8. The second quarter’s profit for CIBC dropped due to loan loss provisions.
9. Generali confirms strategic objectives, and Q1 net income spikes
10. Dollar in demand as Fitch indicates a potential reduction of the U.S. rating
11. Fed policymakers’ support for further rate increases is mixed, according to minutes from the FOMC meeting.
12. Dollar strengthening despite robust US economy and haven demand as oil prices decline due to worry over US debt
13. Wall Street crashes as clouds over the debt ceiling loom
14. After results, Nvidia soars 24.6% while Dow futures decline.
15. the strong dollar and the threat of a debt ceiling weigh on the oil rise
16. Fitch downgrades the United States due to the impasse in the debt deal
17. As debt discussions drudge on, gold suffers and copper hits a nearly six-month low.
18. Republicans and the White House saw the US debt ceiling negotiations as progress.
19. Icahn is expected to gain at least one board seat for Illumina, according to sources.
20. U.S. markets are declining as debt ceiling negotiations continue.
21. Dow futures drop 115 points, and the Fed minutes are in the news
22. Wall Street begins lower as investors are on edge due to the debt ceiling stalemate
23. Abercrombie & Fitch surpasses Q1 forecasts and increases full-year guidance.
24. Meta, the owner of Facebook, begins the last wave of layoffs
25. Nigeria boosts rates once more to combat ongoing inflation
26. Analogue Devices’ disappointing outlook causes shares to drop.
27. Saudi warning and decreasing U.S. stocks support oil prices
28. As cost savings pay off, Kohl’s earns an unexpected profit, and its shares increase.
29. TSX begins lower as bank results and anxiety about the US debt agreement weigh
30. Republicans and the White House will discuss the US debt ceiling as the prospect of default increases.

GLOBAL NEWS 

1. European equities decline, and Germany experiences a recession as 1Q GDP declines
2. While Germany experiences a recession, the dollar reaches a two-month high.
3. China denies allegations that it is eavesdropping on vital infrastructure in the West.
4. Sources: Chevron starts selling its oil holdings in the Congo.
5. Blockchain.com CEO claims that the immediate impact of a US default on cryptocurrency
6. Thailand’s air force claims that the United States has rejected its request to purchase F-35 aircraft.
7. Chinese Minister of Commerce visits US to meet counterpart and attend APEC conference
8. Japan changes its economic outlook for the first time since July 2022.
9. VinFast of Vietnam recalls the first batch of electric vehicles headed for the US due to a safety concern.
10. In Q1 the German economy fell into recession.
11. Chinese hackers are snooping on vital US infrastructure, according to Western intelligence
12. Asian markets are divided today, with the Nikkei up 1% and the Hang Seng down 1%
13. PM Kishida of Japan meets with the leader of Sri Lanka to discuss debt relief
14. Asian equities decline due to concerns over the debt ceiling
15. Bank of Korea reduces growth prediction while maintaining rate stability.
16. Treasury Wine Estates warns of inflationary pressures; shares decline
17. Government panellist: BOJ may remove the bond yield cap this year.
18. Singapore’s Q1 GDP decline increases the possibility of a recession; China’s recovery is crucial

Economic data

• According to the minutes from the May FOMC meeting, Federal Reserve officials “generally agreed” that the necessity for additional interest rate rises “had become less certain,” with some expressing the possibility that the quarter-percentage-point increase they authorized might be the last. Others warned that, given the dangers of sustained inflation, the U.S. central bank needs to keep its options open. The minutes added fuel to expectations the Fed will likely pause its aggressive rate-hike campaign at the upcoming June 13–14 meeting. “Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary,” the minutes stated. But opinions on the next course of action varied.

• UK consumer prices (CPI) increased by 8.7% annually in April, down from 10.1% in March but higher than the forecast’s 8.2% increase. However, this is still much below the 11.1% increase that occurred in October, a 41-year high. Italy has a reading of 8.7% with Austria, which has the highest CPI inflation at 9.5%.

Economic Calendar

Wednesday May24

•     8:30 AM ET                  Weekly Jobless Claims
•     8:30 AM ET                  Continuing Claims
•     10:30 AM ET                Weekly EIA Natural Gas Inventory Data
•     1:00 PM ET                   US to sell $35B in 7-year notes. 

Other Key Events:

·     B. Riley 23rd Annual Institutional Investor Conference, 5/24-5/25, in CA

·     Goldman Sachs TechNet Conference Asia Pacific 2023 (virtual), 5/24-5/25

·     Mizuho 2nd Annual Industrials and Basic Materials Bus Tour, 5/24-5/25

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