The fallout from the indictment of former President Donald Trump dominated the news cycle over the weekend. Here's a recap of a few major headlines that hit the wire.
1. OPEC+ Springs In A Surprise: OPEC+, a consortium comprising 22 oil-producing nations, announced Sunday coordinated production cuts that could aggregate to about 1.16 million barrels per day. Saudi Arabia led from the front and said it would cut output by 500,000 barrels per day from May through the year. This sent the WTI-grade crude oil futures spiking to over $80 a barrel for the first time since late January.
Ahead of the announcements made by constituent nations, analysts expected the consortium to keep the output cuts at current levels.
2. Musk Raves About Cybertruck: Tesla, Inc. TSLA reported over the weekend first-quarter deliveries that narrowly beat the consensus. But what caught the attention of Twitter and Tesla fans is a Cybertruck crash test video shared by the company. Separately, Musk said he walked around the whole of the Cybertruck production line at Giga Texas, adding that the vehicle is going to be “awesome.”
“Feels like the future,” he said.
3. Shiba Spikes Over Weekend: Meme cryptocurrency Shiba Inu SHIB/USD saw a sudden spurt Saturday, moving up about 6% at one point in time and touching $0.0000115. The move stood out as most peers, including mainstream cryptocurrencies, were flatlining. Positive expectations regarding a Shibarium update have recently proved healthy for the coin.
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4. Cramer Receives Backlash: CNBC “Mad Money” host Jim Cramer commented on Twitter that he would not do business with cryptocurrency exchange Binance. The exchange is facing a lawsuit brought against it by the Commodity Futures Trading Commission for offering unregistered securities through its platform. Critics took exception to Cramer's comment, with one user pointing to the fact that the CNBC host previously recommended buying the now-defunct Silicon Valley Bank.
5. Apple Prepping For Monumental Launch, Says Gurman: Bloomberg columnist Mark Gurman said in his weekly “Power On” newsletter the company in all earnest is preparing to debut its first mixed-reality headset on June 5, the opening day of its annual Worldwide Developers Conference. The company sees the event as signaling the beginning of a post-iPhone era, he added.
What Else: Following Trump’s indictment, his daughter Ivanka Trump, who chose to remain on the sidelines of her father’s 2024 presidential campaign, said she is pained for both her father and the country. “I appreciate the voices across the political spectrum expressing support and concern," she added.
Alphabet, Inc. GOOGL GOOG, the parent of Google, reportedly sent a memo to employees enumerating various ways it envisages to cut costs, in addition to the previously announced layoffs. The measures include closing down micro kitchens, cafes and other facilities on certain days, especially when there are lower volumes due to the hybrid work policy in place.
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Photo courtesy of Tesla.
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