Morning Brief: Howard Schultz is leaving Starbucks

Tuesday, June 5, 2018

What to watch today

On Tuesday, investors will get one of the week’s big economic data points out in the morning as the BLS will release its job openings and labor turnover survey — also known as the JOLTS report — for April at 10:00 a.m. ET. In March, a record 6.6 million jobs were open and economists have closely watched this report as a sign that labor shortages persist across the economy.

President Donald Trump — who last week appeared to share that the May jobs report was good about an hour before its official release — tweeted Monday evening ahead of the JOLTS report, “In many ways this is the greatest economy in the HISTORY of America and the best time EVER to look for a job!”

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Top news

REUTERS/David Ryder/File photo
REUTERS/David Ryder/File photo

Howard Schultz is leaving Starbucks: Starbucks (SBUX) founder Howard Schultz will step down from the board and his role as executive chairman on June 26, according to a memo sent to employees. He will become the chairman emeritus. Schultz, 64, said he’ll be “thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds.” [Yahoo Finance]

What to watch for as Tesla investors decide the future of Musk’s board Elon Musk takes the stage at Tesla Inc.’s (TSLA) annual shareholder meeting Tuesday with the gap between the fervor of its fans and the doubts of its skeptics as wide as it’s ever been. The annual meeting usually functions as a chance for some of Musk’s most adoring devotees to bounce ideas off the chief executive officer and pick his brain. [Bloomberg]

Twitter to join the S&P 500: Twitter (TWTR) was a stock market swamp for three years after going public, saddling investors with as much as $32 billion in equity losses. It took another step Monday toward putting that era behind it. In an action that forces index funds with trillions of dollars in assets to own it, the social media company will replace Monsanto Co. in the S&P 500 prior to the start of trading June 7. [Bloomberg]

Hudson’s Bay is selling Gilt: The struggling Canadian retailer agreed to sell Gilt, a flash-sale, e-commerce company it bought two years ago that has become one of its worst-performing businesses. The buyer, Rue La La, announced the purchase on Monday without disclosing a price, and said it plans to run the two sites independently and hire 150 people. [Bloomberg]

Our coverage of the Apple Worldwide Developers Conference (WWDC) 2018

For more of the latest news, go to Yahoo Finance

American Civil Liberties Union activists demonstrate in front of the Supreme Court, Monday, June 4, 2018 in Washington. The Supreme Court has ruled for a Colorado baker who wouldn’t make a wedding cake for a same-sex couple in a limited decision that leaves for another day the larger issue of whether a business can invoke religious objections to refuse service to gay and lesbian people. (AP Photo/J. Scott Applewhite)
American Civil Liberties Union activists demonstrate in front of the Supreme Court, Monday, June 4, 2018 in Washington. The Supreme Court has ruled for a Colorado baker who wouldn’t make a wedding cake for a same-sex couple in a limited decision that leaves for another day the larger issue of whether a business can invoke religious objections to refuse service to gay and lesbian people. (AP Photo/J. Scott Applewhite)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.

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