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• Energy Sector Commentary for Tuesday
  The energy sector is set for a lower start, pressured by weakness in the broader markets. Wall St futures...
  The energy sector is set for a lower start, pressured by weakness in the broader markets. Wall St futures are down in pre-market trading as a weak forecast from Snap Inc hit shares of social media companies. Snap shares fell 31% premarket, following a revenue warning on Monday, during which the company noted that the macroeconomic environment has deteriorated more than anticipated. Later Tuesday, investors will receive new commentary from Fed Chairman Jerome Powell, data on U.S. new home sales and gauges of U.S. manufacturing activity.
  
  WTI and Brent crude oil recovered earlier losses and are flirting with the flatline as existing concerns over tight supply is slightly outweighing worries over a possible recession and China’s COVID-19 restrictions.
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• White House Weighs Use of Emergency Diesel Reserve to Ease Supply Crunch
  The White House is weighing an emergency declaration to release diesel from a rarely used stockpile in...
  The White House is weighing an emergency declaration to release diesel from a rarely used stockpile in a bid to address a major supply crunch and blunt rising prices, an administration official said on May 23.
  
  Diesel is essential for the U.S economy, powering farms and the construction sector along with the trucks, trains and boats that help move goods. Rising diesel prices will help drive up inflation, which has hit 40-year highs.
  
  The national average price for diesel stood at $5.56 a gallon as of May 22, shy of the record of $5.58 set last week, according to AAA, a national motorist advocacy group. This marks a 75% increase from a year ago.
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• WHAT ELSE IS BREWING
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  • Airbnb will reportedly shut down all of its mainland China listings by the summer.
  
  
  • Pfizer and BioNTech said that three doses of their Covid vaccine offer strong protection for kids younger than five, and they’ll submit the data to health regulators this week. No vaccines are authorized yet for this age group.
  
  
  • A 21-year-old Russian soldier was sentenced to life in prison for shooting and killing an unarmed Ukrainian civilian. It was the first war crimes trial since Russia’s invasion.
  
  
  • Washington, DC, sued Meta CEO Mark Zuckerberg over his role in the Cambridge Analytica data breach.
  
  
  • Chipmaking giant Broadcom is in talks to acquire VMware in what would be among the biggest tech deals ever (nearly $60 billion, potentially). It could be announced as soon as Thursday, per CNBC.
  
  

  
  
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• Proxy Adviser Urges Exxon Mobil Shareholders to Oust Darren Woods as Chairman
  British proxy adviser PIRC on May 23 urged Exxon Mobil Corp. shareholders to vote against...
  British proxy adviser PIRC on May 23 urged Exxon Mobil Corp. shareholders to vote against the re-election of five directors, including Chairman Darren Woods, at its annual general meeting.
  
  PIRC, or Pensions & Investment Research Consultants, is the latest proxy firm to urge investors to oppose proposals by the oil major’s board. Other large oil companies have enjoyed an easy ride at shareholder meetings so far in 2022 when compared with last year’s meetings.
  
  PIRC said Woods, which also serves as CEO, should be held accountable as chairman for assuring the company’s strategy to meet Paris-aligned goals to reduce carbon emissions. It also said his serving in the chairman and CEO roles represents “a concentration of power” potentially detrimental to board balance.
  
  The May 25 meeting includes a vote only on Woods’s role as chairman, not as CEO.
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• BlackRock just downgraded US stocks
  The world's largest asset manager blamed the demotion on the growing threat of a ...
  The world's largest asset manager blamed the demotion on the growing threat of a Fed-induced recession.
  
  The central bank has been walking a precarious line between trying to tame inflation and avoiding a recession. BlackRock, which has roughly $10 trillion under management, demoted US stocks to "neutral" on Monday.
  
  "The Fed's hawkish pivot has raised the risk that markets see rates staying in restrictive territory. The year-to-date selloff partly reflects this, yet we see no clear catalyst for a rebound," BlackRock said.
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