[Platinum Insights] (5.9.23)

Good morning.  

Stock market futures are down this morning as investors brace for the inflation report due tomorrow and continue to follow the regional banking turmoil and the debt ceiling impasse.  

Fed Governor Philip Jefferson and New York Fed President John Williams are both slated to speak at events over the course of the day.  

Treasury Secretary Janet Yellen said on CNBC Monday afternoon that failing to raise the debt ceiling would be an “economic catastrophe” and that regulators are not close to any policies that would limit short-selling regional bank stocks.  

Shares of PacWest Bancorp and Western Alliance resumed their slide in premarket trading. Meanwhile, stocks of Skyworks Solutions were down in premarket hours after projecting its current-quarter revenue and earnings below estimates. Also, shares of Lucid and PayPal were down in premarket, after the former reported a bigger-than-expected first-quarter loss and the latter cut its outlook for operating margin. Palantir jumped 20% on a strong earnings report and upbeat guidance

WTI crude futures fell below $73 per barrel. Gold steadied above $2,020 an ounce while the yield on the US 10-year Treasury note decreased slightly to 3.49% on Tuesday, following its peak of 3.52% on Monday. Short-term Treasury yields have increased as the debt-ceiling deadline draws near.  

The markets were mostly unchanged yesterday as we continue to see range-bound price action. The S&P closed .05% higher, while the Nasdaq ended with a .2% gain. The DOW closed .2% lower.