Tuesday, June 5, 2018
What to watch today
On Tuesday, investors will get one of the week’s big economic data points out in the morning as the BLS will release its job openings and labor turnover survey — also known as the JOLTS report — for April at 10:00 a.m. ET. In March, a record 6.6 million jobs were open and economists have closely watched this report as a sign that labor shortages persist across the economy.
President Donald Trump — who last week appeared to share that the May jobs report was good about an hour before its official release — tweeted Monday evening ahead of the JOLTS report, “In many ways this is the greatest economy in the HISTORY of America and the best time EVER to look for a job!”
Howard Schultz is leaving Starbucks: Starbucks (SBUX) founder Howard Schultz will step down from the board and his role as executive chairman on June 26, according to a memo sent to employees. He will become the chairman emeritus. Schultz, 64, said he’ll be “thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds.” [Yahoo Finance]
What to watch for as Tesla investors decide the future of Musk’s board: Elon Musk takes the stage at Tesla Inc.’s (TSLA) annual shareholder meeting Tuesday with the gap between the fervor of its fans and the doubts of its skeptics as wide as it’s ever been. The annual meeting usually functions as a chance for some of Musk’s most adoring devotees to bounce ideas off the chief executive officer and pick his brain. [Bloomberg]
Twitter to join the S&P 500: Twitter (TWTR) was a stock market swamp for three years after going public, saddling investors with as much as $32 billion in equity losses. It took another step Monday toward putting that era behind it. In an action that forces index funds with trillions of dollars in assets to own it, the social media company will replace Monsanto Co. in the S&P 500 prior to the start of trading June 7. [Bloomberg]
Hudson’s Bay is selling Gilt: The struggling Canadian retailer agreed to sell Gilt, a flash-sale, e-commerce company it bought two years ago that has become one of its worst-performing businesses. The buyer, Rue La La, announced the purchase on Monday without disclosing a price, and said it plans to run the two sites independently and hire 150 people. [Bloomberg]
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