| Morning Express | 05/24/23 |
Posted: May 24, 2023, 10:57 a.m.
- Debt ceiling talks are expected to continue this morning, according to House Speak McCarthy, who added that they are “still productive.”
- U.K. CPI for April hotter than expected this morning with headline at +8.7% y/y versus 8.1%, though down from 10.1% in March. However, PPI disinflated at -0.3% m/m versus +0.1% expected.
- German Ifo Business Climate missed but Current Assessment and Expectations were mixed.
- U.S. Treasury Secretary Yellen speaks at 9:00 am CT. Although she has emphasized the June 1st deadline, the Treasury likely has funds to last into the middle of June, where it then receives corporate tax payments that could fuel operations to August.
- NVDA reports earnings after the bell. It will be a critical market-driving report. At Blue Line Capital, it was our largest position through stretches of this year and is currently #6. Regardless of what happens today, the AI tailwinds are real. NVDA is the leader, with no one else in the Top 3. Some forecast the TAM (Total Addressable Market) for AI to be $100 billion, whereas NVDA expects it to by $300-450 billion, or more. What if it is much larger? From our expectations, NVDA has addressed about $20-30 billion so far.
E-mini S&P (June) / E-mini NQ (June)
S&P, yesterday’s close: Settled at 4158.75, down 46.25
NQ, yesterday's close: Settled at 13,728.75, down 173.75
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Crude Oil (July)
Yesterday’s close: Settled at 72.91, up 0.86
Weekly EIA inventory data is due at 9:30 am CT. Expectations are for -0.92 mb Crude, -0695 mb Gasoline, and +0.057 mb Distillates.
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Gold (June) / Silver (July)
Gold, yesterday’s close: Settled at 1974.5, down 2.7
Silver, yesterday’s close: Settled at 23.624, down 0.237
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Silver (July)
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