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• ☕️What Else is Brewing This Morning
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather...
  Peloton, in a new marketing campaign, is trying to rebrand itself as a fitness company for everyone rather than a fancy in-home bikemaker. It also refreshed its app and introduced new pricing tiers, including a free option.
  
  Target is pulling some LGBTQ merchandise from its Pride Collection, citing backlash from customers and the need to protect the safety of its employees.
  
  Apple inked a megadeal with the tech manufacturing giant Broadcom to make 5G radio components in the US.
  
  “She-cession” no more: US companies employ more women now than at any point in history.
  
  Photoshop + generative AI = .
  
  
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• Market Outlook for Wednesday Morning
  US stock futures fall early Wednesday, as investors closely eye debt-ceiling talks...
  US stock futures fall early Wednesday, as investors closely eye debt-ceiling talks and wait for the Fed to release the minutes from the FOMC meeting held on May 2-3. Check out the latest market moves.
  
  Earnings on deck: Amazon, NVIDIA, and BlackRock, all reporting.
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• API Reports Crude Draw
  The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude...
  The American Petroleum Institute (API) on Tuesday reported a 6.7 million barrel draw of crude oil inventories while they were expecting a 525,000 barrel build.  The total number of barrels of crude oil gained so far this year is just over 35 million barrels.
  
  This week, SPR inventory dropped for the eighth week in a row as another 1.6 million barrels of congressionally mandated crude oil was sold during the week ending May 19. There are now 358 million barrels—the lowest amount of crude oil in the SPR since September 1983. There are additional sales of crude oil from the SPR planned yet this month.
  
  Gasoline inventories fell by 6.398 million barrels after falling in the week prior by 2.46 million barrels. Distillate inventories fell by 1.771 million barrels after decreasing by 886,000 barrels in the week prior.
  
  Inventories at Cushing, Oklahoma, rose by 1.711 million barrels—after rising by 2.87 million barrels last week.
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• Closing Oil & Gas Prices for Tuesday
  Benchmark U.S....

  Benchmark U.S. crude oil for July delivery rose 86 cents to $72.91 a barrel Tuesday. Brent crude for July delivery rose 85 cents to $76.84 a barrel.

  
  

  Wholesale gasoline for June delivery rose 1 cent to $2.66 a gallon. June heating oil fell 1 cent to $2.36 a gallon. June natural gas fell 8 cents to $2.32 per 1,000 cubic feet.

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• S&P 500 suffers biggest drop since May 2
  The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as...
  The Dow Jones Industrial Average on Tuesday closed at the lowest level in a week, as worries about the debt ceiling negotiations in Washington outweighed data suggesting economic growth remains resilient, while yields on Treasury bills maturing between early and mid-June climbed toward 6% on Tuesday.
  

  
  
  • The Dow DJIA finished 231.07 points, or 0.7% lower, at 33,055.51, posting the third consecutive trading day of decline
  
  
  • The S&P 500 SPX ended down 47.05 points, or 1.1%, to 4,145.58
  
  
  • The Nasdaq Composite COMP dropped 160.53 points, or 1.3%, to 12,560.25
  
  

  
  On Monday, the Dow fell 140 points, or 0.42%, to 33287, the S&P 500 increased 1 points, or 0.02%, to 4193, and the Nasdaq Composite gained 63 points, or 0.5%, to 12721.
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