Here are the top news investors need to start their trading day:
1. Stock futures are flat
NYSE Floor Traders August 1, 2022
Source: NYSE
2. Walmart lays off corporate employees
A shopping cart outside a Walmart store in Torrance, California, U.S., on Sunday, May 15, 2022. Walmart Inc. is scheduled to release earnings data on May 17.
Bing Guan | Bloomberg | Getty Images
Walmart, the largest private employer in the US, has begun laying off corporate workers. The decision, which the company confirmed Wednesday, was made public just over a week after the Arkansas-based retail giant cut its full-year profit forecast and warned about the impact of inflation on discretionary spending. “Buyers are changing. Customers are changing,” Walmart spokeswoman Ann Hatfield told CNBC’s Melissa Repko on Wednesday. “We’re doing some restructuring to make sure we’re in line.” Read CNBC’s full story here.
3. Oil fluctuates after setting near 6-month lows
Oil pumps are seen at the Inglewood oil field in Los Angeles, California. Oil prices eased early on Monday as investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.
Mario Tama | News from Getty Images | Getty Images
Oil bounced back between gains and losses on Thursday morning, a day after crude futures for US and international benchmarks fell nearly 4% to settle at their lowest levels since February. The move came after OPEC and its oil-producing allies said they would increase output by just 100,000 barrels a day in September. An unexpected increase in U.S. crude oil and gasoline inventories also weighed on energy markets during Wednesday’s session. On Thursday morning, West Texas Intermediate futures traded as high as $90.15 a barrel.
4. Alibaba shares rise after earnings beat
A growing number of Asian companies have announced share buybacks in recent weeks. Chinese Internet giant Alibaba said it will increase its share buyback program from $15 billion to $25 billion.
Sheldon Cooper, SOPA Images | LightRocket | Getty Images
5. The Bank of England raises interest rates by half a percentage point
General view of the Royal Exchange, Bank of England and the City of London on a cloudy day.
Vuk Valcic | SOPA Images | LightRocket | 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 the UK central bank tries to ease inflationary pressures. Notably, the Bank of England now predicts that the nation’s economy will enter a recession in the fourth quarter of 2022 that could last more than a year. Headline inflation is expected to peak in October at 13.3% and remain above its 2% target through 2025. Read the full story from CNBC’s Elliott Smith here.
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