5 things to know before the stock market opens Friday, Sept. 2

Date:

A trader on the floor of the NYSE, September 1, 2022.

Source: NYSE

Here are the key news items investors need to start their trading day:

1. Stocks and Jobs

Stock futures had changed little Friday morning ahead of the big monthly jobs report, which is set to fall at 8:30 a.m. ET. US stock markets had a mixed Thursday as the Dow and S&P 500 broke out of four-day losing streaks, while the Nasdaq suffered its fifth consecutive day of losses – the longest slip since February. Investors are looking for clues as to how aggressive the Federal Reserve could be later this month, when the central bank is widely expected to raise interest rates again in its fight against inflation. A robust jobs report on Friday morning could startle markets as it would add to the Fed’s argument for slowing things down. Economists predict the US added 318,000 jobs in August, according to Dow Jones.

2. A new Starbucks CEO, eventually

Laxman Narasimhan

Source: BusinessWire

Starbucks has chosen its next chief executive officer: Laxman Narasimhan, who just resigned as CEO of Reckitt, which owns Lysol cleaning brands, Durex condoms and more. Still, Howard Schultz, who has been the coffee chain’s interim CEO since April, isn’t going anywhere. Narasimhan will join Starbucks in October but will not take over as head of the company until April. Schultz will also remain on the company’s board of directors and advisor after Narasimhan, also a PepsiCo veteran, takes on the role. More details are on the way at Starbucks Investor Day, scheduled for September 13 in Seattle.

3. Amazon Union scores another win

Chris Smalls and Derrick Palmer at the temporary headquarters of the Amazon Labor Union in Staten Island, New York, on June 15, 2022.

Katie Schoolov

The National Labor Relations Board said Thursday that the Amazon Labor Union’s winning bid to unite a warehouse in Staten Island, New York, must be maintained. The e-commerce giant began its formal objection in May, the month after the union won. But the NLRB attorney overseeing the case said Amazon had “failed to meet its burden” in its attempt to demonstrate that the union was using reprehensible means to secure its win. Meanwhile, the local Amazon Labor Union wants to expand its influence. In May, another warehouse on Staten Island failed to unite, but workers at warehouses in Albany, New York, and Kentucky are trying to unionize with the union.

4. UN team digs into Ukraine nuclear power plant

Russian military vehicles escort a motorcade carrying the International Atomic Energy Agency (IAEA) expert mission as they exit the Zaporizhzhia nuclear power plant during the Ukraine-Russia conflict outside Enerhodar in Ukraine’s Zaporizhzhia region, September 1, 2022.

Alexander Ermochenko | Reuters

After hours of delays due to shelling in the region, inspectors from the United Nations International Atomic Energy Agency finally reached the Zaporizhzhya nuclear power plant in Ukraine on Thursday. The organization also has no plans to leave as long as the Russian-occupied facility is vulnerable to catastrophe. “We’re not going anywhere,” IAEA chief Rafael Grossi told reporters. “The IAEA is here now, it’s in the factory and it’s not moving. It’s going to stay there. We’ll be there permanently in the factory.” The Zaporizhzhya nuclear power plant is the largest in Europe.

5. Meme Stock: The Movie

Seth Rogen

Charles Sykes | Bravo | NBCUniversal | Getty Images

Here’s a fun story for the last holiday weekend of summer. An all-star cast – including “This is the End” star and “The Boys” executive producer Seth Rogen, and Pete Davidson of “SNL” and Kim Kardashian fame – will continue the wild story of the GameStop meme stock phenomenon from the beginning. 2021. “Dumb Money,” which is helmed by “I, Tonya” director Craig Gillespie, will begin filming this month, when the rights to buy the film also go on sale. The film will be based on Ben Mezrich’s non-fiction book “The Antisocial Network”. If that name sounds familiar, it’s because Mezrich also wrote “The Accidental Billionaires,” a juicy account of Facebook’s founding. That book was adapted into the 2010 Oscar-winning classic “The Social Network.”

Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts “Saturday Night Live.”

– CNBC’s Carmen Reinicke, Amelia Lucas, Annie Palmer, Sam Meredith and Ashley Capoot contributed to this report.

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The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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