Good morning. US stock markets rose in Tuesday morning trading as Republican lawmakers and the Biden Administration reach a tentative deal on raising the US debt ceiling.

"Timing crashes is impossible. If you require a forecast in order for your investment thesis to do well, then I think you’re doing it wrong."

Mark Spitznagel

Top News

Debt deal met with opposition

WHAT: “Not so fast…” seems to be the call from a group of Senate Republicans as they voice their opposition to a deal to raise the US’ $31.4 trillion debt ceiling, a sign that the bipartisan agreement could face a rocky road through Congress before the US runs out of money to pay its bill in early June.

WHY: The 99-page bill would suspend the debt limit through Jan 1 2025, allowing lawmakers to set aside the politically risky issue until after the November 2024 presidential election.

Canada, GM partner on battery factory

WHAT: Canada’s federal government and Quebec province are joining forces, armed with a cool C$150 million each (US$112 million) to support a General Motors-POSCO Chemical battery materials facility. The electrifying partnership is projected to zap the job market with approximately 200 new positions.

WHY: Canada is home to a large mining sector for minerals including lithium, nickel and cobalt, and has been trying to woo companies involved in all levels of the EV supply chain.

Nvidia to work with Israel on AI, supercomputing

WHAT: Chipmaker powerhouse Nvidia announced that they’re working with Israel to build the country’s mightiest artificial intelligence (AI) supercomputer to meet soaring customer demand for AI applications. The cloud-based system is set to cost hundreds of millions of dollars and be partly ready by the end of 2023.

WHY: Nvidia, which saw its market capitalization grow by over $100 billion in a week, has been at the center of the current AI frenzy.

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In Other News

We’re not for sale!

WHAT: CD Projekt, the Polish game developer behind break out hit “Cyberpunk 2077” wants to set they record straight: they are not for sale. Company CEO Adam Kicinski vanquished rumors that the company was in talks with Sony about a possible acquisition.

WHY: CD Projekt has been the subject of many rumors, most recently with talk swirling that the company could possibly be acquired by tech giant Microsoft.

A baseball stadium…on the Strip?

WHAT: Nevada lawmakers are brainstorming an intriguing idea: building a Major League Baseball stadium right on the glitzy Las Vegas Strip. The plan involves splurging up to $380 million in incentives to fund a $1.5 billion retractable-roof stadium that could stand as the future home of the Oakland Athletics baseball team.

WHY: Many proponents say that Las Vegas has an increasing capacity to support major league professional sports and that bringing a team to the Strip would add sustainable jobs to an area hit especially hard by the pandemic.

India is top five

WHAT: India, the stock market comeback kid, has triumphantly reclaimed its spot as the world’s fifth largest stock market. After a brief stint of falling behind France, India is once again in the top five as foreign investors continue to snap up the Asian nation’s shares.

WHY: India’s market capitalization stands at roughly $3.3 trillion as global funds pile into Indian stocks stoked in part by an uncertain economic recovery in China.

Key Economic Events

• Tuesday - Fed’s Barkin Speaks On Monetary Policy Outlook

• Wednesday - Federal Reserve Releases Beige Book, Fed’s Harker Speaks On Macroeconomic Conditions

• Thursday - ADP Employment Change

• Friday - US Unemployment Rate, Labor Force Participation Rate

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