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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative
Global Markets:  USA, Europe, Japan, China, Hong Kong – negative global set-up

·       Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin

·       Yields: 30Y Bond +.86% Currencies: USA$-0.12% CAD -0.06% YEN+0.48% BTC/USD-1.4% Vix: 19

·       Stocks:  
News: USA: Several FOMC member speaking; Bessent says Moody downgrade irrelevant; Congress working on a tax bill that will increase deficit
Overview: USA equities, bonds, and US$ lower premarket. Headline is Moody’s downgrade of the USA bond market due to rising deficits. The other 2 rating agencies downgraded years ago and Bessent says it’s a nothing burger and Republicans in Congress are pushing forward a tax bill which will increase the deficit. IMO this is the expected move post Opex which was call heavy and an outsized move by markets on the “deals”. Tech AI names, high short and high valuation were outperformers and are leading to the downside premarket potentially since the moves were driven by short term calls versus institutional equity buying. MAG7 are all lower with NVDA and TSLA leading to the downside, these were leaders last week with NVDA +16% last week. Indices are at the bottom of the daily expected move hence potential for bounce or acceleration lower. Premarket SPX 0DTE has resistance at 5900 and scanty support until 5800 so movement will depend on intraday flow. While SPX is below 5905 there is potential for weakness.

Simple bull bear levels: SPY 590 QQQ 515 IWM 208 

·       SPY 588 Resistance 590 593 595  Support 585 580  QQQ 513.7  Resistance 515 517 520  Support 510
Daily Expected Move. SPX(6007-5909) SPY(599-589) QQQ(526-516) IWM(211-208)

Stocks to watch UNH, NEM, NVDA, TSLA, PLTR, ETHE Speculative HMY, SMR, RDDT
Pre-800ET
Indices GDX, GLD, SLV,  ETHE, UNG, ARKK, SMH, TLT, ARKK, SMH, TLT, ARKF, XLK, QQQ, IBIT, IGV, IWM, XLY, ARKQ, ARKX

S&P500 UNH, MRNA, NEM, CARR, PLTR, SMCI, TSLA, AVGO, COIN, NVDA, MU, CCL, AMZN, META, AMD, UBER, GOOGL

Other SOC, TXNM, HMY, QBTS, NVO, B, ZIM, ETHA, SMR, RDDT, OKLO, TEM, SOUN, QUBT, NBIS, ACHR, IONQ, RKLB

Trade Idea: NVDA

NVDA is lower premarket after a surge last week on the Saudi “deal” which implies that the US govt may be backing away from the export restrictions which are detrimental to NVDA. Jensen was speaking in Taiwan overnight unveiling new data center technology. NVDA key level is 130 with target 135 and 140 above and 125 & 120 below. NVDA reports earnings May28 and historically they like to buy it into the print. NVDA is at the bottom of the daily expected move with +/-5 the expected price move.