5 things to know before the stock market opens on Thursday

Here are the most important news items traders need to start their trading day:

1. Unchanged stock futures contract

Trader on the floor of the NYSE, August 1, 2022.

Source: NYSE

2. Walmart lays off company employees

A shopping cart outside a Walmart store in Torrance, California, U.S., on Sunday, May 15, 2022. Walmart Inc. It is expected to release earnings figures on May 17.

Bing Guan | Bloomberg | beautiful pictures

Walmartthe largest privately held company in the United States, has started to lay off company workers. The decision, confirmed by the company on Wednesday, was made public more than a week after the Arkansas-based retail giant cut its full-year profit outlook and warned about the impact of inflation on spending. optional. “Shoppers are changing. Customers are changing,” Walmart spokeswoman Anne Hatfield told CNBC’s Melissa Repko on Wednesday. “We’re doing some refactoring to make sure we’re aligned.” Read the full CNBC story here.

3. Oil swings after settling to near 6-month low

Oil pumps are seen at the Inglewood Oil Field in Los Angeles, California. Oil prices fell early Monday as investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.

Mario Tama | Getty Images News | beautiful pictures

Oil bounced between gains and losses on Thursday morning, a day after crude oil futures prices for both US and international slide nearly 4% and stabilized at the lowest level since February. The move comes as OPEC and its oil-producing allies said they would just increased their production by 100,000 barrels every day in September. An unexpected rise in US gasoline and crude inventories also weighed on energy markets in Wednesday’s trading session. On Thursday morning, West Texas Intermediate futures traded at $90.15.

4. Alibaba shares rise after earnings pass

A growing number of Asian companies have announced share buybacks in recent weeks. Chinese internet giant Alibaba said it would increase its share buyback program from $15 billion to $25 billion.

Image of Sheldon Cooper, SOPA | LightRocket | beautiful pictures

5. Bank of England raises interest rates by half a percentage point

General view of The Royal Exchange, Bank of England and City of London on a gloomy day.

Vuk Valcic | SOPA images | LightRocket | beautiful pictures

The Bank of England raised interest rates by 50 basis points on Thursday, the biggest single-meeting increase in 27 years as the Bank of England tries to ease inflationary pressures. Notably, the Bank of England now forecasts the national economy will enter a recession in the fourth quarter of 2022 that could last more than a year. It expects headline inflation to peak in October, at 13.3% and stay above its 2% target through 2025. Read the full story from CNBC’s Elliot Smith here.

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