S&P's High: Premature Celebration?

The S&P 500 hit its highest level since August 2020, but experts warn that it could be a case of panic buying and excessive optimism. Investors are "braced for Armageddon," according to Stephen Suttmeier, technical research strategist at Bank of America. Meanwhile, U.S. President Joe Biden and House Speaker Kevin McCarthy failed to reach a deal on the debt ceiling, and Treasury Secretary Yellen warned that the U.S. could default on its debt by June 1. Inflation in Hong Kong rose higher than expected, and pasta prices in Italy jumped 16.5% in April. JPMorgan Chase aims to generate $84 billion in net interest income this year, while insiders are buying up regional bank stocks.