Stay on top of Thursday’s top 5 market news By Investing.com


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By Noreen Burke and Ana Beatriz Bartolo

Investing.com – Sheryl Sandberg is leaving Meta Platforms (NASDAQ:) (SA:) after 14 years. Elon Musk issues an ultimatum to Tesla employees. Oil slips on reports that Saudi Arabia may increase production in response to US urging. OPEC is due to reconvene and US stocks are expected to open higher, but concerns about the economic outlook remain. Data on initial unemployment insurance claims and private sector hiring in the US are expected, while in Brazil, the expectation is for 1Q22.

Here’s what you need to know about the financial markets on Thursday, June 2nd.

CHECK IT OUT: Investing.com’s Complete Economic Calendar

1. 1Q22 GDP

Expectations for the result of the Brazilian Gross Domestic Product (GDP) in the first quarter of this year are positive, especially when compared with the risks of recession that haunt the United States, after the contraction of 1.5% in the North American economy.

Initially, it was expected that the Brazilian Institute of Geography and Statistics (IBGE) would release the GDP at 8 am, but the publication of the figures was postponed to 9 am. In the annual comparison, the average of the analyzes compiled by Investing.com is a growth of 1.8% over a year earlier. In relation to 4Q21, the estimate is an increase of 1.2%.

For XP (SA:), the most optimistic result comes in the wake of the economic reopening, the solid recovery of the , the increase in household disposable income and the jump in commodity prices.

2. Sandberg leaves Meta Platforms

COO Sheryl Sandberg announced in a Facebook post on Wednesday that she is leaving Meta Platforms after 14 years. The announcement initially sent Meta shares down 4%.

Chief growth officer Javier Olivan will take over as chief operating officer, CEO Mark Zuckerberg said in a separate Facebook post, but added that he does not plan to replace Sandberg’s role directly within the company’s existing structure.

Sandberg’s departure marks the end of an era for Meta, which is shifting focus to hardware products and the “metaverse” after years of scandals over privacy abuses and the spread of conspiratorial content on its platforms, as well as stagnating growth. of users in its main application: Facebook.

Meanwhile, Tesla (NASDAQ:) (SA:) CEO Elon Musk has issued an ultimatum to workers at the electric car company, urging them to return to the office for 40 hours a week or resign, according to an e-mail. leaked email.

“Everyone at Tesla is required to spend a minimum of 40 hours in the office per week,” Musk wrote in the email sent Tuesday night. “If you don’t show up, let’s assume you resigned.”

Taking into account Musk’s relationship with the Twitter Inc (NYSE:)(SA:), the social media company’s remote work policy may be threatened. The tech company was one of the first to declare a work-from-home-forever policy in the early days of the pandemic.

3. American stock market

US stock markets are expected to open higher later, even as market sentiment remains pessimistic a day after JPMorgan CEO Jamie Dimon warned that the US economy is facing a war in Ukraine. AND.

Stocks likely to be in focus later on include online pet retailer Chewy (NYSE:), which rose in after-hours trading after quarters that came ahead of expectations, while Hewlett Packard Enterprise (NYSE: ) (SA:) small losses in earnings and income.

The earnings of big tech companies Crowdstrike Holdings Inc (NASDAQ:) and Asana Inc (NYSE:) expires after close, along with results from retailers Lululemon Athletica (NASDAQ:{ {32383|LULU}}), Designer Brands (NYSE:) and RH (NYSE:).

At 8:16 am, the 100 futures were up 0.61%, while the A and A futures were up 0.50% and 0.41%, respectively.

CHECK: US stock quotes

4. American economic calendar

The US Department of Labor will provide its weekly report at 9:30 am. ADP will release data at 9:15 am.

Employment data is coming ahead of Friday’s non-farm payrolls report for May, with economists expecting the economy to have added jobs in the past month. While still firm, it would represent the slowest job growth in about a year as the labor market transitions to more moderate growth as the effects of the pandemic wear off.

Investors have been following the economic data closely for clues about what this could mean for interest rates.

Meanwhile, Cleveland Fed President Loretta is due to speak later, a day after St. Louis, , called for more aggressive rate hikes to bring down inflation, adding that rates could be cut later next year or in 2024.

5. OPEC meeting

Oil prices fell about 2% after reports that Saudi Arabia could increase oil production to offset a decline in Russian production in response to a US call.

Russia’s oil exports have been hit by US and European Union sanctions imposed in response to the invasion of Ukraine.

Energy traders were also eyeing an OPEC+ meeting to discuss supply policy for any indications about production plans. OPEC is expected to stick to its plans for modest monthly increases in oil production despite tighter global markets.

As of 8:19 a.m., U.S. crude futures were down 2.73% to $112.11, while futures were down 2.63% to $113.23.

Energy Information Administration data must be delivered by 12:00 noon, a day later than normal due to the Memorial Day holiday.

SEE: Energy commodity prices