U.S Equity Markets closed basically unchanged after a late rally saw earlier losses mostly erased. Last week were the smallest range weeks in points terms in many months as any threatened sell-off is miraculously reversed into the Chicago Close. Federal Reserve Governor Michelle Bowman said that the central bank will need to raise rates again if inflation and the job market do not show more substantial signs of cooling. Bowman also said that she anticipates rates staying at their peak for some time to ensure the current rate-tightening cycle does not go to waste. JPMorgan Chase’s (JPM) CEO Jamie Dimon said that he believes the regulators overseeing the banking industry are set to crack down even harder in the wake of the most recent crisis that saw several regional banks collapse. Dimon asserted that the Federal Reserve will take measures to ensure stricter rules on smaller banks but warned that making regulations to strict would also pose a threat to the sector. The Producer Price Index rose 2.3% in April from the year prior, the smallest growth in two years. Meanwhile, applications for unemployment benefits rose to a year-plus high. Both signs point toward the economy slowing significantly. It also increases the chances that the Fed will pause interest-rate hikes in June. Alphabet’s (GOOGL) Google introduced its new artificial-intelligence (“AI”) feature, known as “Bard,” at its I/O conference this week. It was presented as a new way to search the Internet. The company’s advancements in the AI field prompted optimism among investors, who are watching a new wave of AI wars among top tech companies. Brookfield Asset Management (BAM), one of the world’s largest owners of prime office properties, reported that its real estate assets dropped about 5% in the first quarter. This included a $1.8 billion downward adjustment for market valuation. European Markets close higher. The European Central Bank’s Vice President Luis de Guindos explicitly mentioned his concern for the rising price of services as his main concern moving forward. While headline inflation has fallen from its peak, service sector inflation driven by higher wages continue to rise. A survey from the European Central Bank showed that Euro-Zone consumers raised their inflation expectations for the first time since the fourth quarter of 2022. This comes in opposition to the slowing rate of inflation, which has largely been due to the central bank’s aggressive monetary policy. In Asia, U.S. National Security Adviser Jake Sullivan sat down with China’s top diplomat, Wang Yi, over the past two days in Vienna. The White House described the extensive talks as ‘constructive’ and said that discussions covered everything from the two nation’s relationship to global issues such as the war in Ukraine. Both sides viewed this as a step in the right direction as the two nations attempt to mend a battered relationship. Elsewhere, Oil fell 1.17% while a stronger Dollar saw close Friday with a small 0.20% loss.

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For anyone following my Platinum Service it made 46 points on Friday and is now ahead by 2391 points for May. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made 3164 points in February, 4687 points in January 2054 points in December, 4789 points in November and a record 9619 points last October.  Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification 

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