Apple is slated to kick off its annual Worldwide Developers Conference at 1:00 p.m. in New York and expectations are that it will be a jam-packed affair, with a number of software updates and perhaps one or two surprises. While WWDC never commands as much of a spotlight as Apple's annual iPhone event, new software features can have profound effects, especially as investors grow concerned about traditional hardware sales. Shortages, factory shutdowns and supply chain issues remain headwinds for the company, which may need to highlight its high-growth services category to keep shareholders excited.

Amid the fanfare of U.S. President Joe Biden’s new Indo-Pacific strategy, China flew under the radar and hosted a high-level discussion on RCEP, the world’s largest trade pact. It came days after the Biden administration launched the Indo-Pacific Economic Framework, or IPEF — a partnership which involves 13 countries, excluding China, as the U.S. seeks to expand its political and economic leadership in the Indo-Pacific region. RCEP includes China and the 10-member ASEAN bloc, together with Australia, Japan, South Korea and New Zealand.

Abbott has restarted production of baby formula at its Sturgis, Michigan, facility that had been shut down for months over contamination concerns that were linked to the possible deaths of at least two infants. Abbott's factory produces about one-fifth of all infant formula in the U.S.,