The USA and China Reach a Detente While the World Bank Cuts Its GDP Forecast

Chips for minerals deal keeps the U.S.-China trade truce alive

Highlights

• Chips for minerals deal keeps the U.S.-China trade truce alive

• Stocks take a small pause near record levels

• U.S. bond market is facing a supply glut, while Europe enjoys high demand

• May CPI data is in focus today

Key Takeaways

• Stock Rally Paused Just Below Record as Breadth Signals Strength: U.S. futures are in the red, but only after the S&P 500 came within 2% of its all-time high and the NYSE all-issue daily cumulative A-D line hit a record — a technically bullish signpost.