Closed markets leave focus on OPEC+ supply, AI labor cuts and European factories

U.S. markets were closed, so QQQ and SPY had no session move or reportable 15-minute price reaction. Seven OPEC+ producers said they would add 188,000 barrels per day from June. Trump launched Project Freedom to guide stranded ships out of Hormuz, while Iran called it a ceasefire violation. Tech layoffs reached 81,000 in Q1 2026, up 580% from Q4 2025 amid AI infrastructure spending. France's April manufacturing PMI was 52.8, matching estimates and up from 50.0. Germany's was 51.4, above the 51.2 estimate but below 52.2. Other retained context included an expected DRAM shortage through 2027 and California gasoline above $6 per gallon.