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• The Brew: Market Highlights
  ISS became the second leading proxy advisor service to encourage Tesla shareholders to vote against...
  ISS became the second leading proxy advisor service to encourage Tesla shareholders to vote against the re-approval of CEO Elon Musk’s $56 billion pay package.
  
  Saudi Aramco, the state-owned oil giant, plans to offer $12 billion worth of shares on Sunday. The money will be used to fund struggling projects that diversify the kingdom’s economy.
  
  Oh, Canada: The country’s economy grew at a less-than-expected 1.7% annualized rate in the first quarter.
  
  Nvidia is closing in on Apple to become the world’s second-largest company.
  
  Investors are bracing for some volatility: The VIX has gained 11% over the past week. “Earnings season is an opportunity for investors to marry macro data and micro data, so they're able to be a little bit less reactive to each economic data point. So once we move out of earnings season, it creates a void for several weeks,” Shannon Saccocia, Chief Investment Officer of NB Private Wealth, told Brew Markets.
  
  Oil fell 6% in May—its worst month since last November—on inflationary pressure and weaker demand. Investors are awaiting the upcoming OPEC meeting, which will take place virtually this Sunday. Leading members including Saudi Arabia and Russia are expected to maintain production cuts.
  
  
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• US drillers cuts most oil and gas rigs in a month since August
  U.S. energy firms this month cut the most oil and natural...

  U.S. energy firms this month cut the most oil and natural gas operating since August, even as the rig count remained unchanged this week, energy services firm Baker Hughes said in its closely followed report on Friday.

  
  

  The total oil and gas rig count, an early indicator of future output, held steady at 600 in the week to May 31, 96 rigs, or 14%, below this time last year.

  
  

  Oil rigs fell by one to 496, while gas rigs rose by one to 100.

  
  

  In May, the total number of oil and gas rigs fell for the third month in a row, dropping by 13, the most in a month since August.

  
  

  The number of oil rigs active in May fell by 10, its first monthly decline since January and the biggest monthly cut since September.

  
  

  The number of gas rigs operating in May declined by five, the first time it has fallen in three months since July 2020.

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• Joint British-US airstrikes in Yemen kill at least 16 people
  The airstrikes were targeting Yemen's Houthi rebels and wounded at least...
  The airstrikes were targeting Yemen's Houthi rebels and wounded at least 42 others. The strikes were carried out in response to attacks on shipping vessels in the Red Sea by Iran-backed militant groups protesting the Israel-Hamas war. Iran has funded Houthi rebels in Yemen, Hamas in Gaza, Hezbollah in Lebanon, and other groups in Iraq and Syria. Separately, President Joe Biden endorsed an Israeli-led cease-fire proposal; Hamas has not responded as of this writing. 
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for July delivery ...
  Benchmark U.S. crude oil for July delivery fell 92 cents to $76.99 per barrel Friday. Brent crude for July delivery fell 24 cents to $81.62 per barrel.
  
  Wholesale gasoline for June delivery rose 3 cents to $2.43 a gallon. June heating oil fell 1 cent to $2.36 a gallon. July natural gas rose 2 cents to $2.59 per 1,000 cubic feet.
  
  
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• Dow’s 575-point Friday surge puts finishing touch on year’s best month
  U.S. stocks ended mostly higher Friday, with the S&P 500 booking...
  U.S. stocks ended mostly higher Friday, with the S&P 500 booking a gain after erasing earlier losses shortly before the closing bell.
  
  The Dow Jones Industrial Average jumped 574.84 points, or 1.5%, to close at 38,686.32.
  
  The S&P 500 rose 42.03 points, or 0.8%, to finish at 5,277.51.
  
  The Nasdaq Composite slipped 2.06 points, or less than 0.1%, to finish the trading session about flat at 16,735.02.
  
  While all three major stock indexes fell for the week, they each posted monthly gains.
  
  In May, the S&P 500 rose 4.8% for its best month since February, while the technology-heavy Nasdaq climbed 6.9% for its biggest monthly gain since November. The Dow rose 2.3% in May, its strongest monthly performance since December.
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