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Famous investor Warren Buffett does not believe that Congress will be unable to raise the debt ceiling and the country will default. He compared the current standoff among lawmakers to the previous one, calling such a clash "an idiotic waste of time" and calling for a complete repeal of the borrowing limit. The CEO of Berkshire Hathaway (BRK-B) said limiting the borrowing ceiling never made sense because the country's creditworthiness is growing as it grows economically.

Cathie Wood, manager of the exchange-traded fund ARK Innovation (ARKK), said Monday evening that Nvidia Corporation (NVDA) is overvalued and that Tesla Inc (TSLA) could benefit much more from recent advances in artificial intelligence. In particular, electric car maker Tesla is the "most obvious" beneficiary of recent advances in artificial intelligence, Wood said, citing the firm's pursuit of autonomous driving technology.

Stock markets in Europe traded flat Monday. Germany's DAX (DE30) decreased by 0.20% yesterday, France's CAC 40 (FR40) fell by 0.21% yesterday, Spain's IBEX 35 (ES35) lost 0.12%, and the British FTSE 100 (UK100) was not trading yesterday.

Bank of America (BoA) is cautious about the outlook for the Euro Area. Europe's economic data is getting progressively worse. Along with a possible reduction in risk from the debt ceiling, the situation could lead to an even stronger dollar and a lower euro in the short term.

European stocks declined in trading on Monday due to losses in technology companies and bank stocks. The STOXX 600 pan-European index closed down 0.1% after recording its strongest one-day gain in nearly two months on Friday.

Spanish Prime Minister Pedro Sanchez unexpectedly announced an early national election, and his main rival declared his goal of becoming the country's next leader after leftist parties were defeated in regional elections.

The credit agency Standard and Poor's notified France of a possible downgrade.

Oil prices rose in weakly volatile trading on Monday. But on Tuesday, oil started to decline again. Concerns about further interest rate hikes by the Federal Reserve and a slowdown in economic growth largely offset optimism about an increase in the US government debt ceiling. The main focus of oil traders now is the OPEC+ meeting on June 4.

Asian markets traded yesterday without a single dynamic. Japan's Nikkei 225 (JP225) gained 1.03%, China's FTSE China A50 (CHA50) was 0.49% lower, Hong Kong's Hang Seng (HK50) fell by 1.04% lower on Monday, India's NIFTY 50 (IND50) gained 0.54%, and Australia's S&P/ASX 200 (AU200) was 0.87% higher on the day.

Most Asian stock indices fell on Tuesday as optimism over a deal to raise the US debt ceiling was offset by fears of worsening relations between Beijing and Washington amid renewed trade and political sanctions disputes. China's CSI 300 index fell to a five-month low after China rejected a request for a meeting between US Defense Secretary Lloyd Austin and Chinese Defense Minister Li Shanfu at a forum in Singapore later this week. The deterioration in relations between the two countries also comes amid waning optimism about China's economic recovery this year, with attention now focused mainly on the May manufacturing and service sector activity figures due Wednesday.

• S&P 500 (F) (US500) 4,205.45 0.0 (0.0%)
• Dow Jones (US30)33,093.34 0 (0%)
• DAX (DE40) 15,952.73 −31.24 (−0.20%)
• FTSE 100 (UK100) 7,627.20 +56.33 (0.74%)
• USD Index 104.28 +0.08 +0.07%

There are no important events for today.

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