Wall Street Today | Hedge Funds Pile Into Bullish Oil Wagers Amid Saudi's Surprise Oil Cut

Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.

The Federal Open Market Committee will keep rates steady at its June 13-14 meeting at the 5%-5.25% range, though officials face a closer call in July on what to do, according to economists surveyed by Bloomberg.

The current market reminds Bob Michele, chief investment officer for JPMorgan Chase's massive asset management arm, of a deceptive lull during the 2008 financial crisis.

In previous rate-hiking cycles going back to 1980, recessions start an average of 13 months after the Fed's final rate increase, he said.

Pain is likely to be greatest in three areas of the economy: Regional banks, commercial real estate and junk-rated corporate borrowers, he said.

Hedge funds boosted bullish bets on Brent crude to a six-week high amid Saudi Arabia’s surprise move to deepen output cuts.

Money managers raised bullish bets for a third straight week, according to exchange data released on Friday. The shift came as Saudi Arabia pledged to make an extra 1 million barrel reduction in daily output starting next month to "stabilize" the market, shorthand for halting a price slump. Saudi Energy Minister Prince Abdulaziz bin Salman"s warning that speculators better "watch out" already was hanging over the market.

General Motors's move to adapt its electric vehicles to use Tesla's network of Superchargers has sent shares reeling for other makers of EV charging stations.

While the pact is weighing heavily on other EV charging companies, the market may be overreacting, according to some on Wall Street.

After Snowflake's latest drop, director Mark D. McLaughlin paid $300,000 on May 31 for 1,831 shares, an average price of $163.80 each. He now owns 8,657 Snowflake shares, including shares to be issued with the vesting of restricted stock units, according to a form he filed with the Securities and Exchange Commission.