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• What Else is Brewing Wednesday Morning
  The Biden administration is pushing forward with a proposed rule that would shrink the amount of nicotine in cigarettes to minimal levels.
  
  Cleveland Browns QB Deshaun Watson settled 20 of the 24 sexual misconduct lawsuits filed against him.
  
  Hong Kong’s Jumbo Floating Restaurant, which was exactly what it sounds like, sank in the South China Sea after encountering “adverse conditions” and taking on water.
  
  Rail workers in the UK walked off the job in the biggest such strike in 30 years.
  
  Broadway will lift its audience mask mandate on July 1.
  
  A ketchup popsicle. In or out?
  
  
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• Dow ends up over 600 points as stocks bounce back after worst week since 2020
  The U.S. stock market closed sharply higher Tuesday, with the S&P 500 bouncing from its worst week...
  The U.S. stock market closed sharply higher Tuesday, with the S&P 500 bouncing from its worst week since March 2020 as investors bought the dip amid concerns of an economic slowdown. The Dow Jones Industrial Average DJIA, +2.15% jumped around 643 points to close more than 2% higher, while the S&P 500 SPX, +2.45% and Nasdaq Composite COMP, +2.51% each gained around 2.5%, according to preliminary FactSet data. Economic data released Tuesday showed that existing home sales in the U.S. fell 3.4% in May, a fourth straight month of declines amid rising mortgage rates.
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• Recession. Millions of layoffs. Mass unemployment. Hornet’s nest stirred up by Larry Summers’s latest forecast
  Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry...
  Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry Summers is the chief reason.
  
  Summers on Monday said the U.S. needs several years of high unemployment to get the worst inflation in 40 years back under control.
  

  
  
  Put in starker terms, the U.S. would have to endure a second recession in three years and as many as 10 million people would have to lose their jobs.
  
  The views of Summers — one of the most famous economists of his generation, serving in multiple Democratic administrations as well as in the presidency of Harvard University — are being taken very seriously these days. That wasn’t the case last year when he warned the Biden administration that its $1.9 trillion stimulus plan could worsen inflation.
  
  His warnings were brushed off at the time by the White House, the Federal Reserve and most professional economists. No longer.
  
  More from MarketWatch
  
  
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• Oil prices score a partial rebound from last week’s sharp losses
  West Texas Intermediate crude for July delivery ...
  West Texas Intermediate crude for July delivery CL CLN22, which expired at the end of the session, rose $1.09, or 1%, to settle at $110.65 a barrel on the New York Mercantile Exchange. The most actively traded and now front-month contract, August WTI crude CL00 CLQ22, added $1.53, or 1.4%, to settle at $109.52 a barrel. WTI slumped over 9% last week, ending a string of seven straight weekly advances.
  
  August Brent crude BRN00 BRNQ22, the global benchmark, added 52 cents, or 0.5%, to $114.65 a barrel on ICE Futures Europe.
  
  Back on Nymex, July gasoline RBN22 rose by less than a penny to $3.7945 a gallon, while July heating oil HON22 gained 0.4% to $4.3584 a gallon.
  
  July natural-gas futures NGN22 lost 2% to $6.808 per million British thermal units.
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• Oil prices gain amid supply concerns
  Brent and West Texas Intermediate August crude futures edged...
  Brent and West Texas Intermediate August crude futures edged higher in early Tuesday trading to highs of $116.25 and $110.80 per barrel, respectively, as concerns about tight supplies outweigh recession fears. "Although recession fears have increasingly become a headwind for oil prices, it is estimated that we still have at least half a year to go before a real recession," said DailyFX analyst Leona Liu.

  
   
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