Saudi Arabia's Production Cut Sends Mixed Signals to Stock and Oil Markets
TL;DR Summary
US stocks closed lower on Monday as investors reacted to weaker-than-expected economic data ahead of the Federal Reserve meeting next week. Crude prices initially rose but later pared gains after Saudi Arabia announced a voluntary cut in oil output. Apple unveiled its new hardware product at the Worldwide Developers Conference, while shares of Palo Alto Networks climbed over 4% after news that the stock will join the S&P 500 index. Bitcoin fell below $26,000 amid allegations of breaking US securities laws against Binance Holdings and its founder Changpeng Zhao.
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