[Platinum Insights] (5.30.23)

Good Morning  

U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending. A handful of Republican lawmakers have said they will oppose it, in a sign that the bipartisan agreement could face a rocky path through Congress. A vote by the House will likely happen Wednesday, before it goes to the Senate.   

The debt-ceiling standoff prompted ratings agencies to warn they might downgrade U.S. debt, which underpins the global financial system.  

With some U.S. inflation gauges proving stickier than many had forecast and the May unemployment report due on Friday, there’s growing expectation the Fed will hike rates again next month and rates may be no lower at year-end than they are now.  

Nvidia Corp gained 3.2% in premarket trading after it said on Monday it was building Israel’s most powerful AI supercomputer to meet soaring customer demand for AI applications.  

WTI crude futures fell below $72 per barrel. Gold held below $1,950 an ounce while the yield on the US 10-year Treasury note fell to 3.73%.  

All three markets closed in the green on Friday prior to the extended holiday weekend.   

Check out the updated Horizons and < 200 Dat Stock list on the Platinum Channel this morning.  

Have a great day!