Sky News Arabia is reporting:

• Negotiations in Tehran have reached an understanding on broad outlines regarding the nuclear issue.
• Delivery of Uranium would be linked to lifting the sanctions and would be gradual.
• Focused on an understanding regarding the Strait of Hormuz which is still in negotiations.
• Iran still wants American guarantees for any agreement reached.

Crude oil has reached a new low at $94.73. The current price is at $95.84. That is the lowest level since May 8th. Price is down but the oil needs to flow to rebuild stockpiles and get prices lower.

The Univ. of Michigan consumer sentiment sent a shot across the bow with sentiment lower due to higher gas prices and also higher inflation expectations. That is not a good optic. Kevin Warsh and Pres. Trump talked about reforming the Fed and that growth should not be always stifled “just because” implying you can have growth and some inflation. You can not have slowing growth and higher inflation though. The pressure is on to move to a solution.

AAA gas prices going into the Memorial Day holiday is hanging around highs at $4.55.

Stocks remain higher but off the highs as well.

• Dow is up $482 or 0.95% at 50769
• S&P is up 50.27 points or 0.68% at 7497
• Nasdaq is up 158 points or 0.61% at 26454