Heard at the food truck

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Bye May.

Chuckie--


 (Wednesday market open) As Congress gathers to vote on a debt ceiling bill, the market's focus turned overseas this morning to cooler-than-expected data from China and Europe. Stocks came under pressure but the dollar rose and crude oil plunged.

Inflation data from France and parts of Germany was lower than anticipated and a manufacturing reading from China showed activity contracting there for the second month in a row. Weaker inflation in Europe could take pressure off the European Central Bank to keep raising rates, perhaps a reason why the euro fell versus the dollar today.

With Friday morning's May Nonfarm Payrolls report and a debt ceiling vote looming, trading on Wall Street could be subdued the next couple of days, as it was to some extent Tuesday. Major indexes were broadly lower in premarket trading.

As people returned from the holiday yesterday, a familiar pattern resumed. A few mega-cap info tech stocks shined Tuesday while most of the market languished. Declining shares led advancing ones even as the tech-packed Nasdaq 100 (NDX) climbed and the S&P 500® Index (SPX) held its ground. The rally hasn't been a healthy, broad-based one that lifts all boats.

However, the tech stocks that drove last week's rally show signs of running out of steam. Nvidia (NVDA) reached nearly $420 a share at one point yesterday, but now it's below $400.

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