August 16, 2022

Business & Finance Blog

5 things to know before the stock market opens Thursday, June 2

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Stock futures rise as Wall Street tries to rebound from Wednesday’s losses

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York, April 11, 2022.

Andrew Kelly | Reuters

The sun sets beyond pumpjacks in the Belridge oil field on November 03, 2021 near McKittrick, California.

Mario Tama | Getty Images

Oil prices were under pressure after the Financial Times reported, citing sources, that Saudi Arabia is prepared to raise crude production if there’s a significant drop in Russia’s output due to sanctions. West Texas Intermediate, the U.S. oil benchmark, dropped 2.4% to $112.45 per barrel. International Brent crude also slipped 2.4% to $113.45. According to the report, Saudi Arabia is aware of the risks of a supply shortage and that it is “not in their interests to lose control of oil prices.”

The FT report comes ahead of a key OPEC+ meeting Thursday. The cartel, along with Russia and other oil-producing countries, is expected to stick with the current production agreement.

3. Meta’s Sheryl Sandberg is stepping down

Sheryl Sandberg, Chief Operating Officer of Facebook.

Fabrice Coffrini | AFP | Getty Images

4. Elon Musk tells Tesla workers to return to work or resign

Brendan Smialowski | Afp | Getty Images

5. White House to cancel student debt for half a million students from Corinthian Colleges

Teachers line up to enter Everest College, one of the Corinthian Colleges that closed, for a meeting and opportunity to collect their personal items, in City of Industry, California, April 27, 2015.

Al Seib | Los Angeles Times | Getty Images

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