Biden-McCarthy Bonhomie, Saudi's Preemptive Move, Elon Musk's Brain Pain And More: 5 Key Stories You May Have Missed From The Weekend

The weekend belonged to the ratification of the budget bill after months of bickering and this is expected to bring much-needed calm to the financial markets. OPEC+, the oil cartel that controls much of the global crude supplies, also took the spotlight during the weekend that went past.

Here’s a recap of a few major headlines that hit the wire over the weekend:

1. Biden's Pat On The Back For McCarthy: President Joe Biden used his Oval Office address to acknowledge the cooperation extended by House Speaker Kevin McCarthy in striking a budget deal. "We were straightforward with one another, completely honest with one another, respectful of one another. Both sides operated in good faith, both sides kept their word," the president said.

2. Saudi's Voluntary Unilateral Move: The OPEC+, which met on Sunday, decided to roll forward production quota cuts into 2024. The decision was in line with expectations but what caught the markets unawares was Saudi Arabia's decision to voluntarily announce a one million barrel per day output cut, beginning in July. KeyBanc Capital Markets analyst Tim Rezvan said he does not see a super spike in oil prices in reaction to the development. The move reflects OPEC+'s expectations of a challenged market amid recession concerns.

3. Musk On The Mend: Tesla CEO Elon Musk, who is notoriously famous for his long work hours, said in a CNBC interview that while remaining awake for a long time by cutting down on sleep, his productivity drops. "And the brain pain level is bad if I get less than six hours of sleep per night," he said.

The billionaire also said he works seven days a week and takes only two or three truly workless vacation days annually. His employees can heave a sigh of relief, as he suggested that he does not expect his employees to emulate him on this.

4. Summers' Hawkish Call: Former Treasury Secretary Larry Summers dropped a bombshell even as the market was bracing for a pause by the Federal Reserve at its June meeting. The economist called upon the central bank to be mindful of the risk of an overheating economy. A rate hike in June may be the logical move and if the Fed decides to skip a June hike, it may have to raise interest rates by 50 basis points in July, he said. The view elicited comments from Musk, who said such a move would be insane.

6. Apple To Take Covers Off Industry-Shifting Product, Says Gurman: Ahed of Apple, Inc.'s AAPL Worldwide Developers Conference 2023, Bloomberg columnist Mark Gurman said the mixed-reality headset will join Apple's lineup of industry-shifting products. He said the gadget has the potential to usher in a new era but also conceded that the launch will likely be a risky endeavor that could backfire.

What Else: Economist David Rosenberg tweeted that the non-farm payrolls gains after accounting for the drop in hours worked could be a negative 140,000. "That’s a sure-fire recession signal," he said.

A slew of high-profile corporate chiefs visited China in the past few months, as the country reopened after the COVID-19 lockdown. More have scheduled trips to the world's second-largest economy.