May 31 (Wednesday)

Latest Morning Briefing Executive Summary: Another Hated Bull Market
The S&P 500 has been in a bull market since October. So how come there are so many bears refusing to believe that? Today, we recount the reasons that they write off the stock market’s legitimately broad-based advance since fall as just a rally within a bear market. We also correct a few of their misperceptions and outline the bulls’ stronger case. … And for a trader’s perspective on this divisive market, a few words from Joe Feshbach.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on May 22.

Markets
Have Megafirms Like Nvidia Grown Too Big? Investors Believe They Are Only Getting Started | W
Treasury yields fall as investors await debt ceiling deal vote | C
 
Central banks
ECB Warns Rate Hikes Are Putting Market Stability at Risk | B
ECB’s de Guindos warns financial markets are vulnerable to a sharp sell-off | C

US
US home prices to fall less than expected despite high borrowing costs, Reuters poll shows | R
Rising Rates Make It Harder to Help Distressed Homeowners. Regulators Are Trying to Fix That. | W
Mortgage demand drops to the lowest level in three months | C
Debt ceiling bill clears key hurdle, teeing up final House vote before it goes to Senate | C
Former New Jersey Gov. Chris Christie to launch presidential campaign next week | C

China
China’s Recovery Slows Further as Factory, Services Activity Pulls Back | W
New warning signs emerge for China’s property market | C

Europe
Column: Germany energy transition faces key chemical sector conundrum | R

Geopolitics & trade
U.S. Manufacturers Seek China Alternatives as Tensions Rise | W
Dimon calls for Washington-Beijing engagement in first China visit since 2021 controversy | C
China Woos Dimon, Musk as Pressure Builds on Xi to Boost Economy | B

Technology
Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work | B
A.I. poses human extinction risk on par with nuclear war, Sam Altman and other tech leaders warn | C