Oil prices are on the rise after Saudi Arabia announced it will cut its production by another one million barrels per day starting from July. The price of West Texas Intermediate gained nearly five per cent before paring gains and is now currently trading around the US$73 a barrel mark.


The Bank of Canada’s next policy meeting is Wednesday and given the latest inflation and better-than-expected GDP data, an interest rate hike this week isn’t completely off the table. Interest rate swaps are pricing in a little more than a 40 per cent chance the central bank raises its benchmark rate a quarter point to 4.75 per cent. However, many analysts and investors are expecting Governor Tiff Macklem to hold off until July before raising the bank’s key lending rate. The central bank has been on hold since January.


U.S. futures are pointing to a mixed open when trading gets underway in North America this morning. Friday’s trading session saw stocks surge following the U.S. jobs report and news that the country had passed the debt ceiling bill and avoided a federal default. The S&P 500 gained 1.45 per cent putting it on the brink of entering a "bull market" after rising nearly 20 per cent in seven months. Meanwhile, the tech-heavy Nasdaq Composite jumped 1.07 per cent and the Dow Jones Industrial Average rose 2.12 per cent. Canada's benchmark stock index jumped more than 350 points, finishing the week up 0.52 per cent. 


  • Shares of Apple are trading higher in the pre-market ahead of the kickoff to its Worldwide Developers Conference, in addition to product updates the company is widely expected to reveal its mixed reality headset, which has been in the works for years.
  • The Wall Street Journal is reporting large banks in the United States may face a 20 per cent increase in capital requirements following the collapse of three small regional lenders earlier this year.
  • The Directors Guild of America reached a tentative agreement over the weekend with the Alliance of Motion Picture and Television Producers, which represents Walt Disney, Netflix and other major studios. Members are set to vote on the deal, which includes wage increases and guidelines around the use of AI, on Tuesday. Meanwhile, the Writers Guild of America has been on strike for over a month now with no new talks currently scheduled with the studios.


  • Notable data: U.S. Factory Orders, ISM Services PMI
  • Apple’s Worldwide Developers Conference (WWDC) - June 5 through 9