Evening Headlines
Bloomberg:
- US Accuses China of Risky Encounter Over the South China Sea,
- Sky High Hedge Costs Push Big Japan Insurers to Riskier Avenues.
- Brazil’s Credit Card Rates Climb to 450%, a Six-Year High.
- Why an Upgrade to ‘Developed’ Market Risks Backfiring on South Korea.
- Asian Shares Set to Fall as Congress Mulls Accord: Markets Wrap.
- McCarthy Confident on Debt Vote Despite Hard-Line Ouster Threat.
- HP Sales Decline Worse Than Expected as PC Slump Continues.
- Stock Traders Turn to Options for Desperate Chase to Catch the Tech Rally.
- Fed’s Barkin Says He’s Seeking Evidence Demand Is Coming Down.
Zero Hedge:
- Groom And Doom: Target Shares Mark Longest Losing Streak In Almost 5 Years.
- Target's Marketing VP Also Works For Organization Pushing Transgender Agenda In Schools.
- The Great Student Loan Nonpayment Boondoggle Is Over And Household Spending Is About To Collapse.
- US Flexes With Low B-1 Bomber Flyover As Balkan Tensions Boil.
- Watch: Chinese Fighter In 'Aggressive' Intercept Of US Spy Plane Over South China Sea.
- Faced With New Round Of Demonetization Indians Turn To Gold.
- Chicago Sees Deadliest Memorial Day Weekend In 8 Years Despite Hundreds Of Yellow-Vested 'Peacekeepers' In Streets.
- Retail Sector Is The "Soft Underbelly" Of The Economy.
- Leftists Make Accusations Of 'Economic Terrorism' As Conservative Boycotts Succeed.
- "Safe Harbor": New Evidence Offers Insight Into Hunter Biden & His Collapsing World Of Corruption.
- "We Have A Captive Audience": Boston University To Require Students Take Social Justice Writing Courses.
- Beyond parabolic: NYFANG mimics August 2020 tech fever.
- Three Years Later, No Justice For BLM Insurrection In D.C.
- US stocks were cautious amid mixed data and after hardliners voiced opposition to the debt ceiling deal - Newsquawk Asia-Pac Market Open.
- The Bankruptcy Caravan Is Now Arriving: Time To Pay For The Easy Money.
- Nvidia Joins The Trillion Dollar Club - Will It Last?
- Stocks mixed on debt ceiling deal but NVDA helps NDX outperform - Newsquawk US Market Wrap.
- AI-Mania Melt-Up Accelerates But Bonds, Bullion, & Bitcoin Jump.
Wall Street Journal:
- AI Threat Placed on Par With Pandemics, Nuclear War.
- Once Mighty Intel Struggles to Escape ‘Mud Hole’.
- China’s Fading Recovery Reveals Deeper Economic Struggles.
- Company Insiders Made Billions Before SPAC Bust.
- U.S. Cities Thrive Again but Not Near Offices.
- Fungal Meningitis Tied to Mexico Cosmetic Surgeries.
- To Work Fewer Hours, They Put AI on the Job.
- Debt-Ceiling Bill Faces Test as Some GOP Critics Vent.
CNBC.com:
- Nvidia crosses into $1 trillion market cap before giving back gains.
- Stocks making the biggest moves after hours: Ambarella, Box, HP and more.
- Goldman Sachs is cutting jobs again amid Wall Street deals slump.
- North Korea launches rocket likely connected to military spy satellite, South Korea says.
- Debt ceiling deal would push student loan borrowers into repayment by fall.
MarketWatch:
- Twilio shares rally after activist investor pressures company to shake up board, weigh divestitures: report
- How many working Americans need food stamps? The answer may surprise you.
- Ruling clears way for Purdue Pharma to settle opioid claims, protect Sacklers from lawsuits
- Opinion: Pausing rate hikes would saddle Americans with much higher inflation than the Fed’s 2% target.
- AI could bring ‘extinction’ and requires nuclear-war-level preparations, experts warn.
Fox News:
TheGatewayPundit.com:
- House Freedom Caucus Leaves Open Possibility of Filing Motion to Vacate the Chair if McCarthy Pushes Through Debt Deal (VIDEO).
- New: FBI Refuses to Turn Over Subpoenaed Biden Bribe Document; Comer Says He Will ‘Take Steps” to Seek Contempt of Congress Vote.
- Target VP of Brand Management Is Board Member of GLSEN – A Radical LGBTQ Group That Promotes Grooming Pornography and Filth in Classrooms.
- Chicago Pride Event Will Feature ‘Drag Dress-up and Makeovers’ for Children — Sponsored By Lululemon.
- “NO”: Rep. Nancy Mace Eviscerates Biden-McCarthy Debt Ceiling Deal, “Republicans got outsmarted by a President who can’t find his pants”.
- Another Strike on Vladimir Putin? Over Two Dozen Suspected ‘Ukrainian’ Kamikaze Drones Hit Wealthy Moscow Region Within “Earshot” of Putin’s Official Residence – Several Injuries Reported (VIDEO).
- Biden’s America: Chinese Fighter Jet Carried Out “Unnecessarily Aggressive” Maneuver Near US Air Force Plane Over South China Sea (VIDEO).
- Texas Lawmakers Pass Bill Banning Minors From ‘Sexualized Performances and Drag Shows’.
- “It is Inescapable to Me, It Has to be Done” – North Carolina Congressman Becomes First Republican to Signal Support for Ousting Kevin McCarthy Over Debt Ceiling Surrender to Joe Biden (VIDEO).
- Bill Gates’ Young Russian Lover Linked to Kremlin Spy Anna Chapman – Suspicions Arise That He May Have Been Targeted for Kompromat – Epstein Tried to Blackmail Microsoft Boss Over His Affair.
- Peer-Reviewed Study Finds Substantial “Sudden and Sustained” Increase in Excess Mortality in Early 2021.
- HUGE! Kari Lake Drops a Bomb on War Room After Video Is Released of Maricopa County Employees Reprogramming Machines to Fail: “We Have MORE Video Coming Out”.
- Disneyland Hires Man In Dress to Greet Little Girls At Bibbidy Bobbidi Boutique.
The Epoch Times:
Twitter:
- @GRDecter - Buying now costs 45% more than renting on a monthly basis. And that's BEFORE putting down 20% to buy the house. How can the average American afford to buy? (graph)
- @zerohedge - Biggest gap on record. (graph)
- @toddstarnes - Protest Anthem ‘Boycott Target’ Tops iTunes Hip Hop Chart.
- @Night_Market - The libraries’ & shops' action has spilled over to Hong Kong schools too, with some anxious educators pulling potentially sensitive books from their shelves. Some have removed George Orwell’s classics, Animal Farm and 1984.
- @USMortality - Looks like Germany is catching up to the massive US excess mortality almost 3 years after the pandemic started… (graph)
- @MarketRebels - Mortgage rates have hit over 7%. This makes the average housing payment +12.7% higher than a year ago. (graph)
- @jsolomonReports - Watch: Rep. Biggs: The debt limit deal undermines Republicans and legitimizes Democrats. Watch: Rep. Perry breaks down how the debt limit deal lets down Americans.
- @MikeASperrazza - BREAKING: 31 House Republicans will vote against debt ceiling bill..Numbers are expected to increase significantly.
- @nicksortor - #BREAKING: The new debt bill will actually INCREASE the number of SNAP (food stamp) recipients, according to a projection by the Congressional Budget Office. Approximately 78,000 new recipients will become eligible for SNAP in an average month.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 961,352 Reports(+1,715 from prior week) Through May 12th, 2023.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are mostly lower, weighed down by tech and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.75% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 120.0 -1.25 basis points.
- China Sovereign CDS 64.5 -2.0 basis points
- China Iron Ore Spot 96.4 USD/Metric Tonne -2.0%.
- Bloomberg Emerging Markets Currency Index 46.5 -.17%.
- Bloomberg Global Risk-On/Risk Off Index 56.7 -.4%.
- Bloomberg US Financial Conditions Index .06 +15.0 basis points.
- Volatility Index(VIX) futures 19.0 +.3%.
- Euro Stoxx 50 futures -.07%.
- S&P 500 futures +.01%.
- NASDAQ 100 futures +.12%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by tech and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.
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