Market Commentary
Brian Stutland

The Ripple Effect: What You Need to Know Before the Opening Bell May 18th, 2023

  • Biden Campaign Maps Out Expanded Battlefields for 2024 Race

President Joe Biden’s campaign is mapping out an expanded battleground for the 2024 election, looking to defend his victories in 2020 battleground states while also expanding into new territory. The campaign is targeting states such as Arizona, Georgia, and Pennsylvania, which Biden won by narrow margins in 2020. The campaign is also looking to make inroads in states that have traditionally been Republican strongholds, such as Texas and Florida.

  • Biden ‘Confident’ on Reaching Debt Deal as GOP Bashes Japan Trip

President Joe Biden is confident that he will be able to reach a deal with Congress to raise the debt ceiling before the deadline of August 1. Biden spoke to reporters on Thursday after returning from a trip to Japan, where he met with Prime Minister Fumio Kishida. Biden said that he had productive conversations with Kishida about the importance of a debt deal and that he was confident that a deal would be reached. However, some Republicans have been critical of Biden’s trip to Japan, arguing that he should have stayed in Washington to focus on the debt ceiling.

  • Europe Stocks Up as Debt Deal Prospects Lift Mood: Markets Wrap

European stocks rose on Thursday, as investors cheered the prospect of a US debt deal that would avert a default. The pan-European Stoxx 600 index was up 1.2% at 0745 GMT, with the German DAX 30 up 1.3% and the French CAC 40 up 1.1%. The gains came after US Treasury Secretary Janet Yellen said that she was confident that a deal would be reached to raise the debt ceiling. The US government is currently running out of cash and would be unable to pay its bills on August 1 if a deal is not reached.

  • G-7 Latest: Biden, Kishida Hail Cooperation on Advanced Tech

President Joe Biden and Japanese Prime Minister Fumio Kishida on Thursday hailed their cooperation on advanced technology, including artificial intelligence and quantum computing, as they sought to counter China’s growing influence in the region. The two leaders met on the sidelines of the G-7 summit in Germany and agreed to work together to develop new technologies that would benefit their citizens and the global economy. They also agreed to cooperate on efforts to ensure that these technologies are used responsibly and for the benefit of all.

  • TikTok Banned in First US State, Bringing Legal Test to Montana

TikTok has been banned in the first US state, Montana, after a judge ruled that the popular social media app is a threat to national security. The ruling, which was handed down on Wednesday, is a major victory for Republican Attorney General Austin Knudsen, who sued TikTok last year alleging that the app is collecting data on American citizens and sending it to China. TikTok has denied the allegations, but the judge said that he was convinced that the app posed a “serious threat” to national security. The ruling is likely to be appealed, and it remains to be seen whether it will have any impact on TikTok’s operations in other states.

  • Amazon to Invest $12.7 Billion in India Cloud Services by 2030

Amazon on Thursday announced plans to invest $12.7 billion in India over the next five years to expand its cloud computing services in the country. The investment will be used to build new data centers and expand existing ones, as well as to hire more employees. Amazon said that the investment would help to create jobs and boost the Indian economy. The company’s cloud computing services are already used by a number of Indian businesses, including Flipkart, Reliance Jio, and HDFC Bank. The investment is likely to help Amazon to compete with other cloud computing providers, such as Microsoft and Google, in the Indian market.

These are just a few of the top stories that you need to know before the opening bell on May 18th, 2023. For more news and analysis, please follow us on social media, and subscribe to our newsletter below.