What you need to know today

Wall Street retreats
U.S. stocks closed lower Tuesday as the market rally continued to cool. The S&P 500 fell for its third straight session, down 0.28%. The Nasdaq Composite lost 0.42% as tech stocks struggled, while the Dow slipped 0.08%. Despite the pullback, the major averages are on pace for their fifth straight winning month.
Scramble over port shutdown
Logistics firms are left scrambling after the closure of the Port of Baltimore, one of the busiest ports in the U.S. Early Tuesday, the city’s Francis Scott Key Bridge collapsed after a large container ship slammed into a bridge pillar — six people are presumed dead. “There will be dozens of diversions in the next week and hundreds in the coming months as long as Baltimore is shut down,” said Richard Meade, editor-in-chief of the shipping journal Lloyd’s List.
Cocoa prices soar
Cocoa prices are surging and this could impact consumers as the world struggles with a supply deficit. The cocoa futures contract for May delivery rose to an all-time intraday high of $10,080 per metric ton Tuesday. “The worst is still yet to come,” said Paul Joules, a commodities analyst at Rabobank, adding prices will stay high for some time as there are no easy solutions.
Apple’s big reveal
Apple unveiled its big annual developers conference will take place June 10 through June 14, during which it could reveal its AI game plan. In February, CEO Tim Cook said the iPhone maker was “investing significantly” in AI and teased an announcement “later this year.” The conference will be livestreamed on the company’s website. $Apple(AAPL.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$