Up and Adam

While US manufacturing activity hit a 4-year high, global markets face headwinds from rising bond yields and oil prices above $100. Big tech firms are increasing bond issuance globally to finance AI expansion.

Key Takeaways

• 1.The Empire State Manufacturing Survey rose to 19.6 in May, a four-year high, but rising prices paid indicate significant inflation and margin pressures.
• 2.The Trump-Xi summit resulted in limited commitments for Boeing aircraft and soybean purchases, with no definitive extension of the trade truce.
• 3.Large tech 'Hyperscalers' like Microsoft and Alphabet are aggressively tapping global bond markets, including 100-year bonds, to fund AI infrastructure.

Table of Contents

• Previous Close
• Future
• Today's Events
• Empire State Manufacturing Survey Hits A Four-Year High—But There's No Avoiding Cost Pressures
• After Trump-Xi Meeting, Next Steps On Trade And Iran Remain Murky
• S&P 500's Winning Streak Extends To Seven Weeks—Can The Rally Keep Going?
• Hyperscalers Go On A Global Bond Borrowing Spree
• Global Bond Sell-Off Intensifies—An Early Test For Warsh
• Disclosures

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