5 things to know before the stock market opens on Thursday
Here are the most important information investors need to start their trading day:
1. Stock futures are stable
Traders on the floor of the NYSE, August 1, 2022.
2. Walmart is laying off company employees
A shopping cart outside a Walmart store in Torrance, California, U.S., on Sunday, May 15, 2022. Walmart Inc. is expected to release earnings numbers on May 17.
Bing Guan | Bloomberg | Getty Images
Walmart, the largest private employer in the United States, began laying off employees from the company. The decision, which the company confirmed on Wednesday, was made public just over a week after the Arkansas-based retail giant slashed its full-year profit outlook and warned against the impact of inflation on discretionary spending. “Shoppers are changing. Customers are changing,” Walmart spokeswoman Anne Hatfield told CNBC’s Melissa Repko on Wednesday. “We are restructuring to make sure we are aligned.” Read CNBC’s full story here.
3. Oil fluctuates after hitting nearly 6-month lows
Oil pump jacks are seen in the Inglewood Oilfield in Los Angeles, California. Oil prices fell early Monday as investors braced for this week’s meeting of officials from OPEC and other major producers on supply adjustments.
mario tama | Getty Images News | Getty Images
Oil bounced between gains and losses on Thursday morning, a day after crude futures for U.S. and international benchmarks slid nearly 4% and settled at their lowest levels since February. The move came as OPEC and its oil-producing allies said they would only increase output by 100,000 barrels a day in September. An unexpected increase in US crude and gasoline inventories also weighed on energy markets during Wednesday’s session. As of Thursday morning, West Texas Intermediate futures were trading at $90.15 a barrel.
4. Alibaba shares gain after beating earnings
More and more Asian companies have announced share buybacks in recent weeks. Chinese internet giant Alibaba has announced that it will increase its share buyback program from $15 billion to $25 billion.
Sheldon Cooper, SOPA Images | light flare | Getty Images
5. The Bank of England hikes rates by half a percentage point
General view of the Royal Exchange, the Bank of England and the City of London on an overcast day.
Vuk Valcic | SOPA Pictures | light flare | Getty Images
The Bank of England raised interest rates by 50 basis points on Thursday, its biggest increase in a single meeting in 27 years as Britain’s central bank attempts to reduce inflationary pressures. Notably, the Bank of England now forecasts that the national economy will enter a recession in the fourth quarter of 2022 that could last for more than a year. He expects headline inflation to peak in October at 13.3% and stay above his 2% target through 2025. Read CNBC’s full story from Elliot Smith here.
— Register now for the CNBC Investing Club to follow Jim Cramer’s every stock market move. Follow the evolution of the market like a pro on CNBC Pro.