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[Platinum Insights] (6.1.23)

[Platinum Insights] (6.1.23)
August 22, 2023

Good morning  

U.S. stock index futures edged higher in the early hours of Thursday after the House of Representatives passed a bill to suspend the nation’s debt ceiling.  The U.S. Senate on Thursday was set to take up a bill to lift the government’s $31.4 trillion debt ceiling, with just four days left to pass the measure and send it to Democratic President Joe Biden to sign, averting a default.  

C3.ai, Inc. (NYSE:AI) shares tumbled 20.4% to $31.85 in pre-market. C3.ai reported better-than-expected earnings and sales results for its first quarter. C3.ai also said it sees first-quarter revenue of $70 million to $72.5 million versus estimates of $71.56 million. 

Sluggish global demand deepened the decline in manufacturing activity across Europe and remained a major challenge for many of Asia’s big exporters, business surveys for May showed on Thursday. “The weakness in demand in the manufacturing sector, which has become increasingly evident since the beginning of the year in falling PMI readings, has now led the surveyed companies to reduce their production for the second month in a row,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.  

Fed Governor and vice chair nominee Philip Jefferson said on Wednesday that “skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.” He added that any decision to hold rate steady should not be viewed as the end of the tightening cycle.  

WTI crude futures were below $68 per barrel. Gold steadied above $1,960 an ounce while the yield on the US 10-year Treasury note edged higher to approach 3.7%.  

The tech sector of the S&P 500 ended the month with a bang, leaping 9.29% in May as semiconductor stocks rallied. Top gainers within the sector include Nvidia, up 36% in May, and Broadcom, which added nearly 29%. On Semiconductor gained 16% during the month.  

Have a great day!

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