Tech Stocks Boost S&P 500; Apple Prepares for Major Unveiling; Saudi Arabia Cuts Oil Production; “Spider-Man: Across the Spider-Verse” Scores Big; US-China Tensions Rise Over Taiwan Strait Incident

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  1. Tech Stocks Power S&P 500 to New Heights: The S&P 500 touched a new high, thanks to a rally in the tech sector. However, it gave up some gains to close lower on Monday. Despite the strong performance of seven major tech companies, the overall index fell, along with the Dow and Nasdaq. This comes amid a strong May jobs report and resolution of the debt ceiling issue. The focus now shifts to the upcoming Federal Reserve meeting. Full story at CNBC and Wall Street Journal.
  2. Saudi Arabia Announces Further Oil Production Cuts: Oil prices rose following an announcement from Saudi Arabia that it will cut production by another million barrels per day starting next month. The decision came after a meeting of OPEC+ partners, with Brent crude futures and U.S. West Texas Intermediate futures trading higher. Full story at CNBC and Wall Street Journal
  3. Apple Set to Unveil New Major Product: At its annual WWDC conference, Apple is expected to reveal its first major product line in nearly a decade. Speculation points to a mixed-reality headset that could revolutionize user interaction with the world. Full story at CNBC
  4. “Spider-Man: Across the Spider-Verse” Enjoys Second-Biggest Opening of the Year: Sony’s “Spider-Man: Across the Spider-Verse” grossed $120.5 million in domestic ticket sales, making it the second-biggest movie opening of the year. As Hollywood enters the summer season, the industry is watching upcoming potential blockbusters to see if they can make up for grosses still lagging behind pre-pandemic levels. Full story at CNBC.
  5. Tensions Escalate in Taiwan Strait: A close encounter between Chinese and American warships in the Taiwan Strait has escalated tensions. The U.S. military accused the Chinese vessel of performing an unsafe maneuver, which China defended. The incident has added to global concerns over Taiwan’s security amid China’s territorial claim. Full story at CNBC.

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