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• Treasury Expects to Run Out of Cash by June 5
  Treasury Secretary Janet L. Yellen said on Friday that the United...

  Treasury Secretary Janet L. Yellen said on Friday that the United States will run out of money to pay its bills on time by June 5, moving the goalpost back slightly while maintaining the urgency for congressional leaders to reach a deal to raise or suspend the debt limit.

  
  

  The letter provided the most precise date yet for when the United States is expected to run out of cash. Ms. Yellen had previously said the nation could hit the so-called X-date — the moment when it does not have enough money to pay all of its bills on time — as soon as June 1.

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• Closing Oil and Gas Prices
  Benchmark U.S. crude oil for July delivery rose...
  Benchmark U.S. crude oil for July delivery rose 84 cents to $72.67 a barrel Friday. Brent crude for July delivery rose 69 cents to $76.95 a barrel.
  
  Wholesale gasoline for June delivery rose 3 cents to $2.70 a gallon. June heating oil rose 2 cents to $2.37 a gallon. June natural gas fell 13 cents to $2.18 per 1,000 cubic feet.
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• Stock Market Closing Summary for Friday
  Investors bid up stocks Friday, buoyed by optimism from Washington negotiators that a deal on the debt...
  Investors bid up stocks Friday, buoyed by optimism from Washington negotiators that a deal on the debt ceiling was likely in the coming days.
  
  The S&P 500 gained 1.3% Friday, while the Nasdaq Composite rose 2.2%. Even the Dow Jones Industrial Average -- which has recently lagged thanks to its lack of tech stocks and AI exposure -- gained on the day, up 329 points, or 1%.
  
  The S&P 500's gain carried extra significance, with the large-cap index breaking through the 4,200 level for the first time since Aug 19, 2022. That prior peak came shortly before Federal Reserve Chairman Jerome Powell gave his Jackson Hole speech reiterating the central bank's hawkish stance around inflation.
  
  Prior to today, the index had closed between 4,100 and 4,200 for 15 consecutive trading days. The technical analysts who study stock charts will see the breakthrough as a bullish sign for the days and weeks to come.
  
  The S&P 500 is now up 9.5% this year, though it's still 12% off its Jan 2022 high.
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• ☕️What Else is Brewing Friday Morning
  Neuralink, Elon Musk’s brain-implant company, received FDA approval to begin its ...
  Neuralink, Elon Musk’s brain-implant company, received FDA approval to begin its first-in-human study.
  
  The ChatGPT app topped 500,000 downloads in the first six days after it was released for iOS, according to data.ai. That’s the second-best app debut of the last two years after Trump’s Truth Social.
  
  Whoops: Famed tech investor Cathie Wood sold off her entire Nvidia stake in early January, before the stock started ripping and added $560 billion in market value.
  
  Germany slid into a recession as higher prices dampened consumer spending.
  
  Tako, TikTok’s new AI chatbot, is getting a test run in the Philippines. What if the bot and the TikTok algorithm fall in love?
  
  
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• Get ready for a precedented hurricane season
  The Atlantic hurricane season that starts June 1 is expected to be…...
  The Atlantic hurricane season that starts June 1 is expected to be…pretty normal, according to the National Oceanic and Atmospheric Administration’s annual forecast released yesterday. For the average storm season, you can thank the once-every-few-years weather phenomenon known as El Niño, which acts as a powerful hurricane neutralizer. Don’t get too comfy, though: The agency still predicts 12–17 named storms, with potentially four of them turning into Category 3 hurricanes. Last year’s 14 named storms racked up $117 billion in damages.
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