Open: 1015.75 Close: 1023.22 Change: 7.47

Today's Summary

The World Bank says in 2024, low- and middle-income countries will receive $100 billion in private infrastructure investment. The EU should double down on its strengths as the US-China geopolitical rivalry heats up, tout them as an example for the rest of the world. Core services dominate Consumer Price Index and include many of the essentials consumers cannot do without. Gasoline & used-vehicle prices plunge, used vehicle prices plunge. The Fed would be irresponsible if it cut interest rates with inflation increasing. Only a recession, reduced demand, or new housing (in demand areas) will break this deadlock. The Big Picture brings together a range of PS commentaries to give readers a comprehensive understanding of topics in the news – and the deeper issues driving the news. Europe Is Squandering Its Leverage Over China by Dalia Marin - Project Syndicate. Shlomo Ben-Ami: Why MAGA Fears Europe? Doug Boneparth: 15% of marriages today involve a prenuptial agreement. Barry Ritholtz: America and China at the Edge of Ruin. Ritholtz: Tariffs operate like a European VAT tax on consumers (minus free health care and college) Retailers, Manufacturers, and Consumer Discretionary are winners and losers. Eli Lilly became the first healthcare company to reach a $1 trillion market capitalization. Several Southern markets now have 10%+ mortgaged homes underwater. Analysts say Xi Jinping purged his top general (and close friend) Zhang Youxia, along with another top general named Liu Zhenli. China may also come to regret the fruits of the Uyghur repression. Julian Zelizer says both parties will push both parties toward unworkably extreme policies. Peter Thiel dumped all his shares in ETHZilla, the second-largest crypto asset by market cap. The coming of AI means that humanitys destiny is mostly out of our hands. XRP has attracted around $150 million in fresh capital, while Bitcoin and ETH have registered cumulative outflows. Massachusetts senator urged federal financial agencies to strengthen protections for individual crypto users. Bitcoin CME gap will now close forever in May leaving a return to $84k hanging Bitcoin-backed loans. Bitcoin mining difficulty recently climbed to 144.4 trillion, a 15% increase and the largest percentage jump since 2021. Historical patterns suggest a potential $1.2 trillion shift from altcoins to Bitcoin in current bear market situation. CME Group announces it will launch 24/7 crypto futures and options trading on May 29. Accenture has begun collecting data on weekly logins to its AI platforms from senior staff. Matthew McConaughey secured eight federal trademarks to deter unauthorized AI replication of his voice. Light crude oil futures are extending their gains this week, up 5.70% and threatening to break out to the upside. Light crude futures are up 5% from their December lows. Key variable here is whether Iran successfully blocks the Strait of Hormuz.