Lack of clarity on any debt deal saw the NADSDAQ 100 lead yesterday’s declines. The NDX ended Tuesday with a loss of 1.24%. The across-the-board sell-off saw the VIX end the day with a gain of 7.50% at a price of 18.63. President Joe Biden and House Speaker Kevin McCarthy left Monday’s meeting without striking a deal, but both struck positive tones in their comments to the media. McCarthy described the tone as the best it’s been in negotiations. Meanwhile President Biden said that it was a ‘productive’ meeting. Earlier in the day, Treasury Secretary Janet Yellen, again confirmed that her department would run out of cash in early June and stressed the importance of a deal this week. Federal Reserve Bank of St. Louis President James Bullard said that he saw a realistic scenario that would call for two more rate hikes. Bullard noted that a higher terminal rate would be required to put enough downward pressure on inflation to return it back to its target within a timely manner. Federal Reserve Bank of Minneapolis President Neel Kashkari said that the banking system needs to see an influx of capital and that requirements to enforce these higher capital levels needs to be discussed. He asserted that this was the only feasible solution to prevent future financial institutions against distress. Ford (F) announced several sourcing deals with battery-material producers as it continues to solidify its footing within the electric-vehicle (“EV”) market. The partnerships include deals with the world’s two largest producers of lithium, Albemarle (ALB) and SQM. This move should better position the car company in its growth position within the EV market as competition begins to heat up in the space. U.S. semiconductor firm, Applied Materials (AMAT), announced plans to spend up to $4 billion on a research and development centre in Silicon Valley. The new initiative is aimed at improving manufacturing efficiencies and production processes for semiconductors. The new facility is expected to produce $25 billion worth of research over the first decade with the collaboration efforts of several chipmakers such as Intel (INTC), Taiwan Semiconductor Manufacturing (TSM), and Samsung. European Markets closed lower. European Central Bank Governing Council member Pablo Hernandez de Cos said that the central bank still has progress to make in its fight against inflation and that it expects further rate hikes. He added that whatever the terminal rate ends up at, would likely be the rate for a prolonged period to keep inflation from re-accelerating. Euro-Zone business growth moderately slowed as the Region’s services industry lost some of its recent momentum and the downturn in manufacturing continued to worsen. While data still shows a growing economy, economic activity appears to be slowing and forward-looking indicators are pointing towards a sustained slowdown in 2023. In Asia, a Chinese Tabloid said there is no basis for a long-term Yuan depreciation. The Japanese Nikkei reversed earlier gains, closing lower by 0.42%. Elsewhere, Oil rose 1.19% while Gold closed flat after a volatile session.

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For anyone following my Platinum Service it made 227 points yesterday and is now ahead by 2432 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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