Good morning. US stock futures dipped in Wednesday morning trading as investors kept an eye on the federal debt ceiling debate in Washington.

"The trick of being contrarian is to be early, not just different"

Dean LeBaron

Top News

US seeks window into China engagement

WHAT: The US Treasury Department is trying to make friends with China again…but with a twist. Treasury officials, in delivering prepared remarks ahead of a Capitol Hill hearing, said they were seeking engagement with China while at the same sharpening their economic tools to counter any national security challenges.

WHY: The White House has been seeking to get economic relations between the two economic superpowers back on track after months of flareups over spying allegations, Taiwan’s sovereignty and tech supremacy.

Newest addition to the trillion dollar club!

WHAT: Hold on to your processors folks! Nvidia reached the holy grail of market valuation by briefly hitting the $1 trillion mark. Nvidia has become the new “cool kid” on the artificial intelligence block, joining a market capitalization exclusive club of just five American companies.

WHY: No other company embodies Wall Street’s current obsession with artificial intelligence more than Nvidia. It has become the world’s biggest maker of specialized chips needed to power a new generation of AI products.

Twitter’s value gets a huge haircut

WHAT: Twitter’s value has taken a significant tumble and is now worth only a third of what owner Elon Musk coughed up for it according to investment firm Fidelity. Musk spent more than $25 billion to acquire an estimated 79% stake in the company last year.

WHY: Twitter has struggled financially since its acquisition by Musk. Back in March, Musk admitted that the company’s advertising revenue had declined by 50%

Leading A Revolution In Lithium!

It’s pretty clear that electric vehicles are the “next big thing.”

But there’s a little secret that people don’t know…

All those EVs – which are powered by batteries – need this one ingredient to make them go VROOM!!

Lithium… and FE Metals (FEMFF) is leading the charge in providing this crucial ingredient to battery manufacturers around the world.

With a mission to power the electric revolution, FE Metals (FEMFF) boasts access to premier lithium mining acreages in Canada, and holds an incredible 85% strike rate for finding lithium.

They’re also well positioned to benefit from the US Inflation Reduction Act which has put a huge focus on EVs.

If you’re interested in riding the next big wave in EV development, learn more here.

*Thanks to our sponsors for keeping this newsletter free

In Other News

Tesla takes top position

WHAT: In their quest to conquer the world with electric vehicles, Tesla just scored a major win: the Tesla Model Y zoomed past the competition and became the world’s best selling car in the first quarter of 2023.

WHY: According to data firm JATO Dynamics, Tesla sold 267,200 Model Ys in Q1, up 69% from a year ago. The second best selling car was Toyota’s Corolla, with 256,400 vehicles sold globally.

Millions stuck in digital dark

WHAT: According to the latest report from the Federal Communications Commission, some 8.3 million American homes and businesses are stuck in the digital dark ages because of lack of access to high-speed broadband internet.

WHY: Congress in 2021 approved $42.45 billion in grants for states and territories to expand broadband infrastructure to areas without access. Congress also awarded $14.2 billion for a $30 per month voucher for low income families to put towards any internet service plan of their choice.

That’s a violation!

WHAT: No to noncompete! That’s the sentiment being echoed by National Labor Relations Board General Counsel Jennifer Abruzzo as she issued a memo to the agency’s lawyers on the questionable legality of such requirements. According to Abruzzo, "noncompete agreements” discourage workers from exercising their rights under US labor law.

WHY: The US Federal Trade Commission, which enforces antitrust law, proposed a rule in January that would ban companies from requiring workers to sign noncompete provisions.

Key Economic Events

• 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

Notable Briefs

• Do you know the difference between risk and volatility?

• These are the 9 financial topics you’ll want to master!

• Thinking about buying a house? Consider these hidden costs first!

• Was this forwarded to you? Sign up here.

• Want to advertise in Daily Market Briefs? Go here.