It already happened once during the intraday session on Monday, but Saudi Aramco has officially topped Apple as the world's most valuable company. The state-owned energy giant closed the session yesterday with a market capitalization of $2.43T, while the iPhone maker ended the day valued at $2.37T. In fact, it's a trend that has accelerated this year, with the energy sector buoyed by a surge in oil prices following an inflation surge that has curbed demand for high-flying tech stocks. Aramco shares are up 30% YTD, while Apple's stock has slid 20% since the start of the year.

Tech stocks got hammered again on Wednesday after the closely-watched Consumer Price Index soared 8.3% in April, which was close to the highest level in more than 40 years. Furthermore, core CPI (excluding food and energy) was higher than expected, rising 6.2%, while shelter costs - which account for one-third of the CPI - advanced at their fastest pace since 1991. There was also a big jump in underlying services inflation, which has been climbing in recent months, suggesting that price pressures are becoming more entrenched in the economy.

Shares of Disney are lower after the company’s CFO acknowledged that the second half of the year may not be quite as strong relative to the first half when it comes to streaming. Disney’s fiscal second-quarter revenue rose 23% to to $19.25 billion, helped by strong theme park sales.