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• Citi Raises Oil Price Forecasts on ‘Heavily Delayed’ Iran Deal
  Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook...
  Citi Research on June 6 raised its quarterly oil price forecasts for this year and its year-average outlook for 2023, because additional supply from Iran looked heavily delayed, adding to tighter market balances.
  
  Delay in Iran sanctions relief is the main factor tightening balances, Citi said.
  
  Citing tighter market balances, Citi raised its second-quarter 2022 Brent price forecast by $14/bbl to $113/bbl, and the third and fourth quarter prices by $12, to $99 and $85, respectively. The bank estimates Brent to average $75/bbl in 2023, revised higher by $16.
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• What Else is Brewing Tuesday Morning
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  • Here’s what you need to know about the primaries in seven states today.
  
  
  • New York banned residents under age 21 from buying a semiautomatic rifle, one of 10 public safety-related bills signed by Gov. Kathy Hochul yesterday.
  
  
  • JetBlue upped its offer to buy Spirit Airlines to try to convince the board to reject a competing bid from Frontier.
  
  
  • Mercedes-Benz is recalling nearly 1 million older vehicles globally over faulty brakes.
  
  

  
  
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• Biden tries to thaw the frozen solar industry
  The US said it’s a) granting a ...
  The US said it’s a) granting a two-year tariff exemption on solar panels produced in Southeast Asia and b) invoking the Defense Production Act to jumpstart American manufacturing of panels at a time when the sector has been paralyzed due to a government investigation. As we wrote about last month, the Commerce Department launched a probe into Chinese-made solar products, and the threat of retroactive punishment has put many projects on ice.
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• Big Tech stocks are showing signs of life
  And Cathie Wood's flagship fund is finally feeling some relief after a brutal run in 2022. After a terrible...
  And Cathie Wood's flagship fund is finally feeling some relief after a brutal run in 2022.
  
  After a terrible start to the year, Wood's Ark Innovation ETF has outperformed the S&P 500 over recent weeks as bond yields slipped. Since May 11, ARKK is up 17%.
  
  The fund is still down more than 50% year-to-date, but its small resurgence may be a sign that traders are warming back up to the technology sector, coming back to some beloved names that soared during the pandemic.
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• Dow, S&P 500 and Nasdaq eke out gains Monday as bond yields climb
  Major stock indexes finished with modest gains on Monday as Treasury yields marched higher ahead of an...
  Major stock indexes finished with modest gains on Monday as Treasury yields marched higher ahead of an update on inflation due Friday. The Dow Jones Industrial Average DJIA, 0.05% edged about 14 points higher, or less than 0.1%, finishing near 32,914. The S&P 500 index SPX, 0.31% rose 0.3% and the Nasdaq Composite Index COMP, 0.40% closed 0.4% higher, after all three major indexes tumbled Friday to book weekly losses. Inflation pressures remain a key focus for investors, with May's consumer-price index report on Friday expected to provide additional insights as to whether high costs of living have peaked near a 40-year high, as some on Wall Street anticipate. The 10-year Treasury rate topped 3% on Monday to reach its highest level since May 9, according to Dow Jones Market Data.
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