On the 5th, IDF chief of staff Zamir visited Beaufort Ridge in southern Lebanon and said that after its capture the IDF now fully controls the position’s surface area and its underground tunnel network. He said the military will continue operations to eliminate threats from Lebanon. The Beaufort position overlooks large parts of southern Lebanon. On May 31, Prime Minister Netanyahu said the IDF had seized the site.

OPEC+ is due to hold its monthly meeting later today. A source said the group has in principle agreed to raise crude oil production quotas by 188,000 bpd from August; two other sources said that increase is the likeliest outcome.

Craig Shapiro, senior macro strategist and cross-asset trader at Ninja Trader Live, says Fed chair Kevin Warsh sounded optimistic on growth—largely citing AI—while falling oil has pushed down inflation breakevens. Shapiro adds that although the bar for further hikes may be higher than markets expect, the bar for cuts is even higher; with Warsh hinting that balance-sheet reduction may take longer, meaningful labor-market deterioration would likely be required to trigger easing. He cautions that if evidence of a labor slowdown mounts while the Fed delays policy easing amid still-elevated inflation, risk assets would likely come under pressure, making rotations from AI into higher-beta cyclical names or small caps harder and favoring defensive sectors and possibly gold.