Bad news is starting to pile up in the U.S., but as often on stock markets, bad economic news can mean good news, since it can lead to a more dovish Fed. But it's not that clear at the moment what really is good news for investors. Yesterday, it was the Empire State business index that showed signs of severe fatigue, with a plunge well below what was expected in May. As for the US debt ceiling situation, Treasury chief Janet Yellen reiterated her warning that the US could run out of cash by June 1. Joe Biden has planned to meet with the congressional leaders of the Democratic and Republican camps today to try to break the deadlock as soon as possible.

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