Wall Street closed down, U.S. market news May22

Today’s main U.S. market news –

1. Dow futures trade lower, attention stays on the debt ceiling
2. The debt ceiling talks will happen on Monday, according to McCarthy and the White House.
3. Given that numerous Federal Reserve members will be speaking today, traders will be looking for any hints as to the bank’s interest rate intentions.
4. Asian chip surge is fueled by China’s Micron ban, which revives US trade hostilities.
5. EU imposes a record-breaking 1.2 billion euro punishment on Meta for U.S. data transfers.
6. Facebook received a record $1.3 billion penalties and five months to block the flow of EU-US data.
7. EU imposes a record-breaking 1.2 billion euro punishment on Meta for U.S. data transfers.
8. DeSantis of Florida wants the Disney lawsuit judge removed from office.
9. Dollar declines; discussions about the debt ceiling and Powell’s remarks are highlighted
10. Nvidia challenges Intel and AMD’s dominance in supercomputers.
11. Staff at Credit Suisse are getting ready to sue the Swiss regulator for missing AT1 bonuses, according to the Financial Times.
12. On US debt ceiling discussions and anxiety in the financial sector, gold gains some ground.
13. Dollar under pressure following dovish Powell and a setback on the debt ceiling
14. As debt ceiling discussions stagnate, Wall Street shuts and the currency falls.
15. Wall Street is expected to open higher on prospects of a debt-ceiling agreement.
16. Dow futures climbed 35 points as debt ceiling discussions and Powell’s speech took front stage.
17. Canada Automobile retail sales were down 1.4% in March, but were up 0.2% in April.
18. Foot Locker falls as a result of low demand and large discounts, causing the company’s yearly estimate to be lowered.
19. Catalent reduces their yearly prediction due to operational issues.
20. Morgan Stanley’s CEO plans to retire within the next 12 months.
21. Powell, the Fed’s chairman, is under pressure to ‘fish or cut bait’ on interest rates.
22. The ECB is considering more measures to combat bank deposit risks.
23. Nio goes nuclear, investing in a firm developing fusion technology.
24. According to analysts, Buffett’s stake in Occidental might approach 40%.

GLOBAL NEWS 

1. According to Australia, the police may be notified about the PwC leak of official tax documents.
2. European equities are neutral; the attention is on Ryanair earnings and U.S. debt discussions
3. Asian markets mostly trade flat; Kospi is up 0.7%
4. The Indian indices are expected to open flat to down, according to SGX Nifty.
5. European equities are shaky as concerns over the US debt talks persist.
6. Bangladesh has financial difficulties as the dollar situation escalates – letters
7. Exclusive: Malaysian billionaire considers selling share in $2.7 billion port company, according to sources
8. According to a DIHK study, the German economy is resilient but lacks pace.
9. Asian chip surge is fueled by China’s Micron ban, which revives US trade hostilities.
10. Ryanair forecasts a robust summer following a nearly record yearly profit.
11. Britain sells $1.6 billion worth of shares to reduce its stake in NatWest.
12. German foreign investment is stable despite the country’s difficult economic situation.
13. South Korea offers Abu Dhabi investment potential of $2 billion.
14. Amid debt limit issues, Asia FX is subdued, as the dollar falls after Powell’s remarks.
15. Australia gains American backing for its vital mining sector
16. As Biden notes an improvement in Sino-U.S. ties, Chinese markets rise.

Economic data

Fed commentary

Inflation is still “far above 2% objective” by the Fed, according to Fed Chairman Powell, and they are still dedicated to bringing it down to 2%. He said that it is uncertain if interest rates are “sufficiently restrictive” and that failing to reduce inflation lengthens suffering. It will “take time” to reduce inflation, he added. None of the remarks were unexpected or shocking, and the markets accepted them without complaint. They even decreased expectations (low) of a potential rate rise at the June FOMC meeting.

Economic Calendar

Monday May22

•     8:30 AM                  Fed’s Bullard Speaks on US Economy and Monetary Policy.
•   11:05 AM                 Fed’s Bostic and Barkin speaks

Other Key Events:

·     Goldman Sachs Eighth Annual Leveraged Finance Credit Conference, 5/22-5/24, in CA

·     JPMorgan Annual Global Tech, Media & Communications Conference, 5/21-5/24, in Boston, MA

·     UBS Global Energy Conference, 5/22-5/24, in Austin, TX

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