Wall Street Today: 'Day of reckoning' is ahead for Big Tech, Wells Fargo warns

OPEC+ in crisis as specter of destructive infighting looms again

OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase.

What happens next will determine whether the breakdown of talks -- which sent crude climbing toward $80 a barrel -- could escalate into a conflict as bitter and destructive at last year’s price war.

At stake is the stability of the global economic recovery amid growing inflationary pressures, and the ability of the producers’ alliance to retain its hard-won control over the oil market.

Football’s probably coming home to England, Goldman model predicts

Could football finally be coming home? Goldman Sachs Group Inc. thinks so.

The U.S. bank predicts that England will win its first major soccer tournament in 55 years, after its original pick, Belgium, was eliminated from the Euro 2020 tournament on Friday.

“It’s (probably) coming home,” Goldman’s Christian Schnittker wrote in a note, referring to the line of the 1996 song Three Lions that is chanted -- often ironically -- by England fans.

Amazon maintains lead in cloud infrastructure market

$Amazon (AMZN.US)$maintained a large lead in the market for cloud infrastructure, which rents computing, storage and networking capability to users, research firmGartnerInc. said on Monday.

In 2020, Amazon Web Services, the tech giant’s cloud computing arm, generated more than twice the cloud infrastructure revenue as No. 2 player $Microsoft (MSFT.US)$, Gartner said in a new report.

Midsize pharmaceutical firms are the industry’s big deal makers this year

Midsize pharmaceutical companies are this year, replacing larger brethren as new sources of capital emerge.

Typically the biggest drugmakers do the most deals by value. Yet large-cap pharmaceutical companies have pulled back on acquisitions this year, as from previous sprees and resist high premiums.

Instead, medium-size pharmaceutical companies, which had been targets of their larger peers, have spent the most on acquisitions fueled by the new sources of capital and the need to find growth for the long haul.

‘Day of reckoning’ is coming for high-flying tech stocks, Wells Fargo warns

Wells Fargo Securities’ Chris Harvey is doubling down on his Big Tech warning, saying a “day of reckoning” is ahead.

He’s urging investors to take profits in light of risks associated with rising interest rates.

Harvey warns a significant reversal is virtually unavoidable, citing the fundamental economic backdrop. Rising rates will set the stage for a double-digit pullback in momentum growth stocks. He predicts it could happen later this summer or early fall.

Amazon’s new boss faces pressure from all sides as Bezos leaves for space

$Amazon (AMZN.US)$CEO Jeff Bezos will hand the reins over to cloud boss Andy Jassy on Monday.

It caps off Bezos’ monumental run leading Amazon since its inception in 1994.

Jassy will inherit a company that’s hitting its stride, but also faces a number of internal and external challenges.

Oil hits three-year high after Opec+ abandons meeting

Oil prices jumped to the highest level in three years after Opec and its allies abandoned a decision over increasing oil production, as Saudi Arabia, Russia and the UAE struggled to reach a compromise.

Coupang faces probe over alleged manipulation of search algorithms

South Korea’s $Coupang (CPNG.US)$is being investigated over allegations it manipulated search algorithms to prioritise its own products over those of suppliers, according to industry figures with knowledge of the probe.

The Korea Fair Trade Commission conducted an on-the-spot inspection at the ecommerce group’s headquarters in Seoul last month, following accusations it had abused its market dominance by giving greater exposure to its private label products on its platform than those of third parties.
$Nasdaq Composite Index (.IXIC.US)$ $Taiwan Semiconductor (TSM.US)$ $S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$

Source: Bloomberg, WSJ, CNBC, Financial Times