Wall Street Today | Fed May Take Comfort With US Jobs Seen Showing Moderating Wages

Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts that threaten to tighten the market, delivering a fresh inflationary jolt to the world economy and irking the White House. West Texas Intermediate soared as much as 8%, the biggest intraday move in more than a year, before trading above $81 a barrel.
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The $15 billion ETF, which is managed by $Invesco (IVZ.US)$, uses swaps to offer clients exposure to the $S&P 500 Index (.SPX.US)$. The ETF currently has a AA rating at $MSCI Inc (MSCI.US)$ ESG Research, the biggest provider of such scores. Under European Union rules, however, the fund is registered as Article 6, meaning the product doesn't target any environmental, social or governance goals.

$UBS Group (UBS.US)$ will cut its workforce by between 20% and 30% after completing its takeover of $Credit Suisse (CS.US)$, SonntagsZeitung reported, as Swiss prosecutors started gathering evidence as part of a possible criminal investigation into the deal.

As many as 11,000 employees will be laid off in Switzerland, and another 25,000 worldwide, the Swiss newspaper said, citing an unidentified senior manager at UBS. The two lenders together employed almost 125,000 people at the end of 2022 — about 30% of them in the home country.
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$Apple (AAPL.US)$ has chosen June 5, 2023, as one of the most important days in its history. That's the date it’s planning to debut its first mixed-reality headset, which it sees as the beginning of a post-iPhone era.

It took $Bed Bath & Beyond Inc (BBBY.US)$ almost two months to raise $360 million in emergency financing from a hedge fund positioned to profit from the deal. It wasn’t enough.Now, to avoid bankruptcy, the retailer has three weeks to squeeze another $300 million from equity markets that have largely turned against it after the deal diluted existing shareholders and sent its stock down 50%.

For the quarter, $Tesla (TSLA.US)$delivered 422,875 vehicles globally, which is an all-time record for the EV-maker. That figure barely topped street estimates —as complied by Bloomberg —of slightly over 421K deliveries. Tesla also produced 440,808 cars for the quarter, easily topping estimates of 432.5K vehicles. While Tesla doesn’t break out sales by region, global sales of the Model 3 and Model Y SUV surged, following price cuts for both vehicles both in the U.S. and abroad.
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