Market News 5/29

Market News

Happy Memorial Day! As we divert our focus towards weddings and enjoyable gatherings where even your college roommate's grandma can join, investors have been keeping a close eye on the ongoing negotiations to raise the debt ceiling, aiming to prevent a default by June 1. Yesterday, the stock market experienced a boost in response to growing optimism that a deal to raise the limit for two years might be nearing completion. However, there is a possibility that these negotiations could continue for a while. Following the market's closure, the Treasury revised its projection for the date when the United States will exhaust its funds to meet its obligations to June 5.

Politics

Legalizing Same Sex Marriage

According to the 2020 census, same-sex couples, regardless of their marital status, now make up nearly 1% of the total 127 million households in the United States. In the five years following the Supreme Court's legalization of same-sex marriage nationwide in 2015, the census data revealed that married same-sex couples comprised 0.5% of households, while unmarried same-sex partners accounted for 0.4%.

Crypto

Bitcoin reclaims $28K

In an effort to prevent a catastrophic debt default, the United States has made progress towards a resolution as the White House and House Republicans reached a tentative deal on May 27. This agreement has sparked optimism and led to a rally in the U.S. equities markets on May 26. The positive sentiment has also had a positive impact on the cryptocurrency sector, which is currently undergoing a recovery.

The buying interest extends beyond Bitcoin, as certain alternative cryptocurrencies are also displaying indications of a short-term upward movement. Nevertheless, it may pose a challenge for the bullish market participants to sustain the rally at higher levels.

Artificial Intelligence

Sam Altman reverses threat to cease European operations

Within a span of two days, OpenAI CEO Sam Altman underwent a significant shift in his public stance on European artificial intelligence regulation. Initially, Altman issued a warning, suggesting that OpenAI might cease its operations in Europe if the regulations surpassed a certain threshold. However, he later retracted these statements, stating that the company currently has no intentions of leaving. Altman shared his concerns regarding the European Union's AI Act, which is expected to be finalized in 2024, during a discussion with journalists in London on Wednesday, as reported by the Financial Times.

Interesting Chronicles

CPI increase

With an increase in consumer spending last month, accompanied by a rise in the personal consumption expenditures price index, the debate among Federal Reserve officials regarding whether to halt interest rate hikes next month is likely to become more intense.