Market Observations - May 9
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U.S. Wednesday Market wrap:?No One Shocked: Musk, Tesla Investigated. Again.?
Wednesday was?a?good?day?for investors who favor companies that dominate the Dow.?The Dow gained 172 points or 0.4% to extend its winning streak to six consecutive days. 21 of the 30 components ended the day in the green. The flashier Nasdaq slipped 0.2%, and the S&P was flat. The Russell was the big underperformer, losing 0.4%. Only four of the eleven S&P sectors closed green. Utilities +1.05% led, and real estate -0.9% lagged.
The Atlanta Fed’s GDPNow model has revised its growth estimate for Q2 2024 sharply?upwards to 4.2%, a significant increase from the previous 3.3%.?This adjustment reflects?stronger?predictions for personal consumption expenditures and private domestic investment, which have risen to 3.9% and 6.8%, respectively.
The U.S. government is considering tightening controls on the export of advanced artificial intelligence (A.I.) models to China and Russia, aiming to safeguard critical technologies. This regulatory effort includes restricting the sale of proprietary A.I. software, building on previous measures that limited the export of sophisticated A.I. chips used for military advancements. This move faces challenges in enforcement but reinforces the growing focus on national security in the tech industry.
Mastercard and U.S. Banks Test Tokenized Asset Settlements.
Mastercard, in collaboration with?major?U.S. banks, is testing a new shared-ledger technology to streamline the settlement of tokenized assets like securities and commercial bank money.?This initiative, part of the Regulated Settlement Network proof-of-concept, aims to enhance?transaction efficiency and security across borders. The project involves key financial players like Citigroup and JPMorgan Chase and seeks to transform?how financial transactions?are conducted?in the digital age.
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U.S. equity futures are following European markets lower in early trade?as earnings season winds down.
Overnight mainland Chinese markets outperformed the region after China’s exports and imports returned to growth in April. The data suggests that policy support measures over the past several months may be helping to stabilize the economy.?In other China news- Huawei’s latest high-end phone features more Chinese suppliers, including a new flash memory storage chip and an improved chip processor, pointing to the?progress the country is making?toward technology self-sufficiency.
The U.S. dollar held tight ranges against most G10 currencies. The Yen is slightly weaker against the dollar.
GBP is a little weaker following the Bank of England policy meeting, keeping rates at a 16-year high of 5.25%, but said “things are moving in the right direction,” taking another step to lower rates later this year.
U.S. Treasury yields were higher in early trade, the U.S. 10-year up 3bps to yield 4.516%, and the 2-year up about 1bps to yield 4.849%.
Gold is little changed this morning holding around $2,310.
Oil prices rose on Thursday as U.S. crude inventories dropped amid rising refinery intake and a rise in China imports last month, supporting higher demand expectations. WTI +0.9% to $79.71.
Later this morning, we will see initial jobless claims data.
Elon Musk’s artificial intelligence startup?X.AI?Corp?is set?to close its funding round at a valuation of about $18b as of this week, although the size of the round hasn’t?been finalized. The maker of A.I. chatbot assistant Grok?was set?to raise $6b in the round, whose participants include Sequoia Capital.
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