Good morning. US stock futures were mixed in Monday morning trading as investors kicked off a new quarter with news of oil output cuts and a spike in oil prices.

"An ability to detach yourself from the crowd - I don't know to what extent that's innate or to what extent that's learned - but that's a quality you need"

Warren Buffett

Top News

Cuts so deep!

WHAT: The oil-rich kingdom of Saudi Arabia said they'll be putting their oil wells on a diet starting in May — yep, you heard it right, they'll be cutting production by 500,000 barrels per day until the end of 2023.

WHY: Saudi Arabia described the move as "precautionary", aimed at stabilizing the oil market. The cuts represent less than 5% of Saudi Arabia's average production of 11.5 million barrels per day in 2022.

Stricter EV rules coming in the US

WHAT: Looks like the US Treasury Department is about to take the fun out of electric vehicles. They just announced new tax rules that will rain on some people's parade by reducing or removing tax credits on certain zero-emission models.

WHY: The rules are aimed a weaning the US off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of US new vehicle sales by 2030 EVs or plug-in hybrids

Micky D's closes US offices

WHAT: Hold on to your Big Macs folks! The fast food giant McDonald's is taking a brief break from the office grind this week. Why you ask? To break the bad news to their corporate employees about about an upcoming restructuring plan that involves some layoffs.

WHY: The fast food chain said earlier this year that it would review corporate staffing levels as part of an updated business strategy which could lead to layoffs in some areas and expansion in others.

Take Control Of Your Finances With Monarch Money!

It’s the same jig every month.

Get paid, then figure out how to deal with life’s ever growing expenses while putting something aside for that proverbial “rainy day”

Well the “jig is up” thanks to Monarch Money - the most easy-to-use platform that consolidates your financial life in one place!

With Monarch’s customizable dashboards, budget and financial goal trackers and personalized advice based on your unique situation, you have the tools to start reigning in your finances like a true king or queen - all rolled into one powerful app!

So what are you waiting for? Click here to join the Monarch family today and start living like royalty!

*Use code VINCENT for 10% off your annual subscription

*Thanks to our sponsors for keeping this newsletter free

In Other News

Your time is up, our time is now!

 WHAT: Yup, that's a John Cena reference! Fitting because Endeavor Group Holdings, the parent company behind UFC, is apparently in advanced talks to acquire World Wrestling Entertainment (WWE) in a reported all-stock deal.

WHY: In January WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon's return to the company.

Yea, we're not paying for that...

WHAT: The New York Times told Twitter to take their verified checkmark and stick it where the sun don't shine! The publication said they're not willing to fork over a monthly fee to maintain their precious blue badge after losing it for a few hours.

WHY: Twitter had previously announced that starting April 1, several accounts would lose the check mark as the social media company begins winding down its legacy verified program.

Lawmakers join forces to help news media

WHAT: A group of US lawmakers from both sides of the aisle decided to team up and take on the big tech giants. They dusted off an old bill that would let news organizations join forces to negotiate ad rates with companies like Google.

WHY: News organizations have complained for years that they are not sufficiently compensated for readers that their content attracts, citing big tech advertisers like Google and Meta as responsible for their declining share of ad revenue.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - Fed's Mester Speaks In New York

• Wednesday - No Major Economic News

• Thursday - Fed's Bullard Discusses The Economy

• Friday - US Unemployment Rate

Notable Briefs

• Want to be a better leader? Develop these 20 qualities!

• Experts say these phrases show high emotional intelligence. Do you use them?

• Passive or active? How should you view rental income?

• Was this forwarded to you? Sign up here.

• Want to advertise in Daily Market Briefs? Go here.