Wall Street Today | Apple Stock Closed at a New Record High

The U.S. budget deficit quadrupled to $240 billion in May from a year earlier, fueled by higher government spending and fewer taxes collected. For the first eight months of the current fiscal year, the deficit totaled $1.16 trillion, compared with $1.38 trillion in the same period last year.

Investors are awaiting the consumer-price index data due Tuesday, one day before the Federal Open Market Committee concludes its meeting on Wednesday.

The consensus is that the Fed will keep its interest rate unchanged at the conclusion of this week's meeting. Fed fund futures traders are pricing a 76.9% likelihood that the Federal Reserve will keep its interest rate stable this week, leaving the main policy rate target in the range of 5% to 5.25%, according to the CME FedWatch tool.

A glut of crude from sanctioned countries coupled with economic fears on Wall Street are pressuring oil markets, pushing down global oil prices on Monday to their lowest level since 2021.

Front-month Brent futures slipped by 3.9%, to $71.84 a barrel, continuing a nearly weeklong slump following Saudi Arabia's decision to slash production in a bid to prop up prices ( It was the global price gauge's lowest close since Dec. 20, 2021, according to Dow Jones Market Data.

Carnival stock climbed 14% to $14.95 in morning trading, on pace for its highest close since May of 2022 and largest one-day percent increase since Nov. 9, 2020, when positive data from Pfizer's Covid vaccine sparked a rally in travel stocks. Over the past 12 months, Carnival shares are up almost 36%. Norwegian Cruise Line climbed 9% to $18.79 in morning trading. Over the past 12 months, the stock is up about 43%.

Today's close has the shares above the level that represented a $3 trillion market cap early last year, when it briefly touched the needed level ( before closing below it. That no longer holds: At Apple's current share count, it would need to close at or above $190.734 to reach $3 trillion, according to Dow Jones Market Data.

Oracle reported quarterly earnings of $1.67 per share which beat the analyst consensus estimate of $1.58 by 5.7 percent. This is a 8.44 percent increase over earnings of $1.54 per share from the same period last year. The company reported quarterly sales of $13.80 billion which beat the analyst consensus estimate of $13.73 billion by 0.51 percent. This is a 16.55 percent increase over sales of $11.84 billion the same period last year.

That marked the stock's longest winning streak on record, based on data going back to June 2010.