June 5, 2023

Markets:

U.S. equity futures were little changed on Monday after a broad-based rally that pushed the S&P 500 to its best week since March and its highest level since August.

Oil prices briefly climbed more than 1% after Saudi Arabia announced it would further cut output by 1 million barrels per day starting in July. The news followed a meeting of OPEC and its allies, during which the group decided to stick to existing 2023 production targets.

U.S. regulators are reportedly planning to lift capital requirements for big banks in the the wake of a slew of bank collapses earlier in the year, the Wall Street Journal reported, citing people familiar with the matter.

Regulators will likely propose a plan as soon as this month that will lift overall capital requirements on average by about 20%, according to the report. Potentially larger requirements could come to banks reliant on investment banking or wealth management fees.

U.S. Treasurys climbed Monday as investors considered what could be next for interest rates and weighed key economic data that could affect the Federal Reserve’s next policy moves.

European markets opened muted after ending on a high on Friday.

Portfolio:

Another strong week for us in the books and we look to start the new trading week filled with opportunity. We enter the new week holding positions in TSLL and ARLO. We would love to see the S&P challenge 4350 over the next few weeks. Should we break above and hold that line…it'll trigger next level opportunity. Cannot stress that enough. Early on we'll be watching price activity and key sectors. Be ready today as we do expect a new opportunity or two to trigger. Let's have a great week.