Good morning. US stock futures were higher in Tuesday morning trading as investors weighed a spike in oil prices that pushed the indices higher to start the new month.

"I wish everyone could get rich and famous and get everything they ever dreamed for, so they can see that's not the answer"

Jim Carrey

Top News

"It's not that bad"

WHAT: US President Joe Biden seems to be pretty chill about the oil output cuts of more than 1 billion barrels a day announced by OPEC+. In fact, during a visit to Minnesota recently he was like "Pfft, it's not gonna be that bad folks!"

WHY: Administration officials in Washington are trying to strike the right balance with their messaging about the oil output cuts — they've denounced the move, but aren't looking to sour relations with Saudi Arabia any further.

US pushes for World Bank reforms

WHAT: The US gave a resounding thumbs up to a plan by the World Bank to increase their annual lending by a cool $5 billion over the next 10 years to middle income countries, but they're not stopping there. The US is pushing for even more significant changes at the Bank.

WHY: The US, the bank's largest shareholder, has been pressing the World Bank for months to take bolder action to increase funding to help developing countries address climate change, future pandemics, and other global challenges.

Yellen: "Nope, not on my watch!"

WHAT: So by now you've probably hear about the mini crisis that hit small and mid-sized US banks in the last two weeks. Well US Treasury Secretary Janet Yellen said she's watching the situation like a hawk and is not going to let contagion spread like a bad case of the flu!

WHY: Yellen told reporters after an event at Yale University that confidence in the banking system was strengthened by timely actions taken by the Treasury, Federal Reserve and Federal Deposit Insurance Corporation after the failure of Silicon Valley Bank and Signature Bank.

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In Other News

"That's not good business"

 WHAT: Bob Iger, Disney's CEO thinks it's anti-business to mess with the Mouse House — and his letting he's feelings be known to Florida Governor Ron DeSantis who appears to be retaliating against Disney for taking a position on a piece of legislation.

WHY: After initially trying to stay neutral, Disney opposed Florida's Parental Rights In Education Act — referred to by opponents as the "Don't Say Gay" Bill that restricts classroom discussion of sexual orientation and gender identity.

Every Doge has its day!

WHAT: Move over blue bird, there's a new dog(e) in town! Meme cryptocurrency Dogecoin surged more than 35% after Twitter replaced its bluebird logo with the currency's Shiba Inu mascot.

WHY: Elon Musk, Twitter's owner, has frequently touted Doge, suggesting the meme coin may offer better payments functionality than Bitcoin. In January, the Financial Times reported that Twitter was designing a system to permit payments through the social media platform.

Grounded!

WHAT: So it looks like Virgin Orbit is experiencing some turbulence and had to call for backup! The California-based satellite launch company announced it is filing for Chapter 11 bankruptcy protection in the US.

WHY: The company, whose last mission suffered a mid-flight failure, had been looking for new funds for several months after majority owner Richard Branson said he was unwilling to fund the company further.

Key Economic Events

• Tuesday - Fed's Mester Speaks In New York

• Wednesday - No Major Economic News

• Thursday - Fed's Bullard Discusses The Economy

• Friday - US Unemployment Rate

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