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Market Headlines 👀 

• US 30y yield jumps again crossing 5% today after the latest Moody’s credit downgrade.

• US Treasury Secretary Scott Bessent calls Moody’s rating a lagging indicator and provides the latest on tariff strategy.

• US and China per reports China has asked US to amend its wrongdoing after agreeing to a deal, revolving around chip exports.

• Moodys (MCO) downgrades the US credit to Aa1 from AAA.

• Microsoft (MSFT) announces integrating xAI’s Grok model with Microsoft Azure.

• Nvidia (NVDA) company CEO Jensen Huang provides a keynote address at the Computex conference in Taipie.

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The S&P 500 melted higher to an overbought condition last week. Breadth was strong (meaning there was broad participation in the rally). Futures are pointing lower this morning in response to the US debt downgrade plus Secretary Bessent’s comments about trade and tariffs over the weekend (suggesting that tariff rates for some countries could easily return to April 2 threatened levels if negotiations are not successful).(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Funds remain bearish on the markets per their positioning. Has smart money turned into dumb money? Hard to say for sure, but they missed the entire April run-up.

Market Preview 🎞️ 

• Tuesday earnings: Home Depot (HD), Toll Brothers (TOL) and Paloalto Networks (PANW) 

• Wednesday, May 21st: MBA mortgage applications; EI Crude oil inventories

• Wednesday earnings: Target (TGT), Snowflake (SNOW), Zoom (ZM), Medtronic (MDT) 

• Thursday, May 22nd: Weekly jobless claims; Existing home sales

• Thursday earnings: Nanox (NNOX), and Autodesk (ADSK) 

• Friday, May 23rd: New home sales

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time Wednesday with a curated list of important news, economic data and market highlights. 

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