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• Putin makes biggest security shake-up in over a decade
  Being Vladimir Putin’s ...
  Being Vladimir Putin’s fishing buddy doesn’t grant you job security—just ask Sergei Shoigu, who was removed by Putin as defense minister after serving in the role since 2012. The leadership shuffle is the result of growing frustration with the economic cost of Russia’s invasion of Ukraine: The Kremlin set aside a record $118.5 billion for defense spending in the current year, and its security budget has grown to account for 6.6% of GDP, according to the FT. Longtime Putin economic advisor Andrei Belousov will replace Shoigu.
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• ☕️What Else is Brewing
  Investors gird for inflation data, and earnings. Remember...
  Investors gird for inflation data, and earnings. Remember when the Fed said higher inflation readings in January and February were a hiccup? Then March came in hot, delaying rate cuts even further? Well, April’s numbers drop on Wednesday, and the consumer price index is expected to climb 3.4% over last year—just about in line with last month’s reading and well above the 2% target. On the earnings front, Home Depot, Cisco, and Walmart will report Q1 financials this week.
  
  Swiss singer Nemo won the Eurovision Song Contest, becoming the first nonbinary artist to do so.
  
  Dozens of students walked out of Duke University’s commencement ceremony when Jerry Seinfeld, a public supporter of Israel, was introduced to give a speech.
  
  Employees at the Apple store in Towson, MD, voted to authorize a strike. Date: TBD.
  
  A 62-year-old man who received the first-ever pig kidney transplant two months ago at Massachusetts General Hospital has died. The hospital said there was no indication that his death was due to the transplant.
  
  Donald Trump may owe the IRS more than $100 million for claiming improper tax breaks, according to the New York Times and ProPublica.
  
  Kingdom of the Planet of the Apes topped the box office with a strong $56.5 million haul at North American theaters. It had zilch for competition.
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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery fell $1 to $78.26 per barrel Friday. Brent crude for July delivery fell $1.09 to $82.79 per barrel.
  
  Wholesale gasoline for June delivery fell 4 cents to $2.50 a gallon. June heating oil fell 5 cents to $2.43 a gallon. June natural gas fell 5 cents to $2.25 per 1,000 cubic feet.
  
  
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• U.S. stocks end mostly higher as Dow scores best week since December
  U.S. stocks closed mostly higher on Friday, with all three major indexes...
  U.S. stocks closed mostly higher on Friday, with all three major indexes booking weekly gains.
  
  The Dow Jones Industrial Average finished 0.3% higher, while the S&P 500 gained 0.2% and the Nasdaq Composite ended about flat, according to preliminary data from FactSet.
  
  For the week, the Dow rose 2.2%, the S&P 500 climbed 1.9% and the technology-heavy Nasdaq Composite advanced 1.1%, the preliminary data show. The Dow logged its biggest weekly gain since December as the blue-chip gauge increased for a fourth straight week.
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• US refining margins suffer amid seasonal demand drop
  Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate...
  Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate fuels at 8.63 million barrels per day and 3.6 million bpd, respectively, representing seasonal lows not seen since the pandemic's onset. US refining margins are falling as a result, with the 3-2-1 crack spread dipping below $26.50 per barrel on Wednesday for the first time since February
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