Good morning. US stock futures rose in Monday morning trading as investors digested information on future oil output cuts and weighed the impact of completed debt negotiations.

"The entire pursuit of value investing requires you to see where the crowd is wrong so that you can profit from their misconceptions"

Guy Spier

Top News

Debt crisis averted!

WHAT: And just like that, a “crisis” that captured the public’s attention for months was over with the stroke of a pen! US President Joe Biden signed a bill that suspends the US government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default, with mere hours to spare.

WHY: The bill signing, which was closed to the press, marked a low-key symbolic end to a crisis that vexed Washington for months and threatened to push the US to the brink of an economic crisis.

Saudis gear up to slash oil output

WHAT: Saudi Arabia is about to make a mega snip to its oil production starting in July. The oil-rich nation will slash production from 10 million barrels per day (bpd) to 9 million barrels, adding an extra “oomph” to OPEC+’s plan to keep oil prices from taking a nosedive.

WHY: Since Russia’s invasion of Ukraine began last year, Western nations have accused OPEC+ of manipulating oil prices and undermining the global economy through high energy prices.

Apple set to take position in VR race

WHAT: The rumors have spread like wildfire, but it looks like Apple is ready to unveil their much-hyped virtual reality headset as the company takes center stage once again at it annual developers conference in Cupertino, California.

WHY: Apple’s goggles are expected to be sleekly designed and capable of toggling between totally virtual or augmented options, a blend sometimes known as “mixed reality”

In Other News

We won’t be coming in…

 WHAT: Attention bosses! Financial professionals have a friendly word of advice: “if you dare us to grace the office with our presence more frequently, prepare to say goodbye to our genius” According to the latest Markets Pulse Live survey, one in two people who work in finance would change jobs — or have already — if their managers require them to spend more time at the office.

WHY: Wall Street chiefs have been among the loudest in pushing for a return to the office five days a week, with a number of banks ending remote work arrangements for senior staff members.

We’ve got the skies covered this time

WHAT: Airlines are gearing up to dodge last summer’s travel debacle. In a recent interview, director general of the International Air Transport Association (IATA), Willie Walsh said he was “reasonably confident” that airlines would be able to get through the peak summer period without “too much disruption”

WHY: A faster-than-expected rebound in air travel coupled with labor shortages caused chaos at several airports in Europe and North America last summer and prompted a row between airlines and airports over passenger caps designed to ease the pressure.

No AI in my courtroom!

WHAT: A Texas Judge just dropped the hammer on legal briefs relying too much on fancy-schmancy AI tools! In a move that has the legal world buzzing, Judge Brantley Starr mandated lawyers who file documents on his docket to certify the documents are free from content produced by AI tools like ChatGPT or Google’s Bard.

WHY: Starr’s order comes on the heels of reports highlighting a New York lawyer who cited bogus, AI-generated citations in court filings while defending his client.

Key Economic Events

• Monday - Eurozone PPI Y-o-Y

• Tuesday - No Major Economic News

• Wednesday - MBA Mortgage Applications

• Thursday - Initial Jobless Claims

• Friday - No Major Economic News

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