- Nvidia surpasses $1 trillion market cap against new product launches targeting artificial intelligence development. Other AI companies are also growing strongly, being driven by the current AI trend. C3.ai will publish its financial results for the past fiscal quarter on 31 May
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The Nasdaq is above the 14,500 point level today thanks to technology companies. However, going forward, due to further uncertainty regarding the debt limit, US indices have severely limited gains or are even scoring declines. The Nasdaq gains more than 0.2%, the S&P 500 is close to yesterday's close at 4200 and the DJIA loses more than 0.4%
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Biden and McCarthy are providing assurances that an agreement to lift the debt limit will be passed by Congress, although several members of the Republican Party are opposed to this. Nonetheless, we are seeing a fairly significant drop in yields today, which is further fuelling the rally in the indices
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EURUSD is above the 1.0700 level and is attempting to continue its gains in the face of falling yields. On the other hand, a stronger consumer sentiment reading led to a temporary drop below the 1.0700 level. The Dallas activity index falls low, almost at -30 points
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Inflation in Spain returns to close to 3.0%, specifically to 3.2% from 4.1% on an annualized basis, linked to currently very low gas prices, which have a huge impact on inflation in Spain
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Hawkish expectations regarding the BoE are leading to a marked recovery on the GBPUSD pair, which crossed the 1.2400 level today
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It is expected that the ECB may raise rates 2 or 3 more times this year, although the euro is not reacting particularly today. All the upward movement on EURUSD is the result of a weak dollar
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Brent crude oil lost more than 4% today, linked to uncertainty over the sustainability of the OPEC+ agreement. Saudi Arabia hinted at another production cut, while Russia is content with the status quo
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After initially slipping to its lowest levels since mid-March, gold tested the $1,960 per ounce level today, reacting to a sharp drop in yields. Nevertheless, yields, gold and the dollar are exposed to possible negative news coming from the front of the vote on the debt limit bill in Congress. The bill is due to go to a House of Representatives committee at 8pm BST today and must be voted on before 5 June
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