Next stop, Congress
U.S. President Joe Biden and House Speaker Kevin McCarthy might have reached a deal Sunday to raise the U.S. $31.4 trillion debt ceiling, but a handful of hard-right Republican lawmakers said on Monday they would oppose the deal, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week.
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The wrangling on Capitol Hill is not over yet.
As expected, some right-wing Republicans have voiced their opposition to the deal to raise the U.S. debt ceiling. A crucial first test will come on Tuesday, when the House Rules Committee takes up the bill, in a necessary first step before a vote in the full House.
If approved, the deal would remove the prospect of the world's largest economy defaulting. That would in turn allow markets to return their attention to inflation and monetary policy.
This Friday's jobs data for May will be closely watched for signs of what the U.S. Federal Reserve might do next. Any more tightening may start to have a real effect on the economy later this year, making it even more difficult for U.S. small and medium companies to borrow money. Consumers are also keeping a tighter rein on their purse strings, fearing the effects of soaring inflation.
Tired of watching the politics and macroeconomic situation play out?
Technology always seems the answer.
The euphoria over artificial intelligence helped add about $200 billion to Nvidia's market cap in under two days of trading after the chipmaker released blockbuster earnings last Wednesday.
Its chief executive Jensen Huang introduced in Taiwan Monday a new AI supercomputer platform aimed at building generative AI models that will help anybody be a programmer, just by speaking to the computer.
Will this push Nvidia's market cap beyond $1 trillion?
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Source: CNBC
