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• ☕️What Else is Brewing Wednesday Morning
  T-Mobile bought most of UScellular for $4.4 billion. The...
  T-Mobile bought most of UScellular for $4.4 billion. The third-largest mobile carrier in the US now owns what was the fifth-largest, giving T-Mobile 4 million new customers and access to UScellular’s wireless operations. T-Mobile aims to improve coverage in rural areas, where many of UScellular’s customers live. The deal, which follows T-Mobile’s acquisition of Sprint in 2020, could kick off another round of consolidation in the telecommunications industry, analysts say, as the number of major players dwindles. T-Mobile’s latest purchase is expected to close next year.
  
  Ryan Salame, the FTX exec who turned on founder Sam Bankman-Fried, was sentenced to 7.5 years in prison.
  
  Hess shareholders voted to approve the company’s $53 billion merger with Chevron, though it’s still unclear if the deal will survive a challenge from Exxon.
  
  Adam Neumann gave up on his plan to buy back WeWork.
  
  Porsche announced it’s making the first-ever hybrid version of its iconic 911 sports car.
  
  Golden Goose, the shoe brand known for selling sneakers that look dirty on purpose, is reportedly eyeing an IPO in Milan this week at a $3.3 billion valuation.
  
  Pope Francis apologized after Italian media reported he used a homophobic slur during a private meeting.
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• Iran Plans for Increased Oil Production
  The recent death of President Raisi notwithstanding, the Iranian government...
  The recent death of President Raisi notwithstanding, the Iranian government has approved a plan to increase oil production to 4 million b/d from the current target of 3.6 million b/d, however without providing a time frame for the capacity uptick.
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• US crude prices soared by nearly 3% in Tuesday’s trading
  Oil prices have been trading rangebound for the fourth consecutive week,...
  Oil prices have been trading rangebound for the fourth consecutive week, staying within the $81-83 per barrel range for Brent, as priced-in expectations of OPEC+ maintaining production curbs have failed to lift sentiment any higher. While improving consumption figures from the US and an increasingly bullish picture for hurricanes in the US Gulf Coast provide some medium-term hope for oil bulls, the macro outlook is still weak and the prospect of Fed interest rate cuts in June is getting slimmer. 
  
  Prices did jump today, as Benchmark U.S. crude oil for July delivery rose $2.11 to $79.83 per barrel Tuesday. Brent crude for July delivery rose $1.12 to $84.22 per barrel.
  
  Wholesale gasoline for June delivery rose 3 cents to $2.51 a gallon. June heating oil rose 6 cents to $2.47 a gallon. June natural gas rose 7 cents to $2.59 per 1,000 cubic feet.
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• Dow ends down over 200 points, Nasdaq notches fresh record
  U.S. stocks finished mixed on Tuesday afternoon as the market got hit...
  U.S. stocks finished mixed on Tuesday afternoon as the market got hit by rising Treasury yields after auctions of 2-year and 5-year notes were met with soft demand, while Minneapolis Fed President Neel Kashkari said he would not rule out further rate hikes if price pressures tick up again.
  
  Investors also reacted to economic data that showed U.S. consumer confidence rebounded in May after three months of decline, yet inflation expectations for the year went up as well.
  
  The Dow Jones Industrial Average fell 216 points, or 0.6%, to end around 38,852, according to preliminary data from FactSet.
  
  The S&P 500 finished nearly flat, at around 5,306.
  
  The Nasdaq Composite was up 0.6%, ending around 17,019, its 12th record close for the year. It was also the first time in history that the tech-heavy index finished above the 17,000-level, according to Dow Jones Market Data.
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• Home prices in top U.S. cities at all-time high: Case-Shiller
  The numbers: Home prices in the 20 biggest U.S. metros...
  The numbers: Home prices in the 20 biggest U.S. metros hit another all-time high, as the housing market remains hampered by a low number of properties for sale.
  
  The S&P CoreLogic Case-Shiller 20-city house price index rose 0.3% in March compared to the previous month. The 20-city and the national index are at an all-time high.
  
  Home prices in the 20 major U.S. metro markets were up 7.4% in the last 12 months ending in March. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expected the 20-city index to increase 7.3%.
  
  San Diego posted the biggest year-over-year home-price gains in March. Prices were up 11.1%. 
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