5 Things To Know Before The Stock Market Opens Friday - Free Websites, Share News And Posts Publicly

FRI, JUN 23, 2023

MORNING SQUAWK

1. Taking a breather

Stock futures slipped Friday as the three major indexes head for a losing week. Futures tied to the S&P 500 fell 0.5%, Nasdaq-100 futures fell 0.7%, and Dow Jones Industrial Average futures fell 0.3%. If Wall Street ends with a down week, it would break multiweek win streaks for each of the averages, including snapping an eight-week rally for the Nasdaq. “The markets have been under a bit of pressure since the press conference and news release of the Fed the other week stating that they are not going to increase interest rates at this time, but are likely to increase rates again 1-2 times later this year,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. Follow live market updates.

2. Starbucks strikes

Starbucks employees will go on strike Friday in response to actions by some cafes to remove or prohibit Pride month decorations, the Starbucks Workers United union said. Employees at roughly 150 stores, representing about 3,500 employees, have pledged to participate in the strikes, which will take place over the next week. It’s the latest in an ongoing battle between Starbucks and its workers’ union and comes at a time of heightened tensions between LGBTQ+ campaigns and corporate support. Last week, Starbucks Workers United claimed employees at dozens of stores weren’t allowed to decorate for Pride. Starbucks said at the time it had not changed its policies for store decorations.

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3. Off the auction block

A pair of bankruptcy auctions came to a close Thursday, with fallen retailer Bed Bath & Beyond and embattled media company Vice each naming winning bidders. Bed Bath’s intellectual property and digital assets will be sold to Overstock.com for $21.5 million, while Vice will be sold to Fortress Investment Group for $350 million, with plans to emerge from bankruptcy. Despite the auction, Bed Bath’s affairs aren’t completely sorted out yet. The company opted to run a separate sale process for its Buy Buy Baby business, which has long been its most promising banner.

4. SCOTUS rulings due

The Supreme Court is expected to release decisions around 10 a.m. ET Friday, with at least one major ruling still looming. The justices are due to rule in the coming days on challenges to the Biden administration’s student loan forgiveness plan that would cancel debt of up to $20,000 for many Americans. Borrowers have been left in limbo for much of the past several months while the administration defended its plan in court and kept payments paused. There’s no way to know if the decisions that come out Friday will include the student loan case, and the court has already scheduled another release date for Tuesday. It also still has yet to rule on affirmative action cases at Harvard University and the University of North Carolina.

5. Tragic ends

All five passengers on a deep sea submersible exploring the Titanic wreckage are believed be dead after a dayslong search and what authorities are now calling a “catastrophic implosion.” Debris found Thursday on the ocean floor, roughly 1,600 feet away from the wreck of the famed passenger ship, was determined to belong to the submersible, called the Titan. OceanGate Expeditions, the company that offered the rare trip miles below the surface, confirmed the loss of its CEO, Stockton Rush, along with Shahzada Dawood and his son Suleman Dawood, Hamish Harding and Paul-Henri Nargeolet. The announcement caps a dramatic and closely watched rescue effort that involved experts and agencies from several countries racing to find the crew before an emergency supply of oxygen in the vessel would run out.

— CNBC’s Sara Salinas wrote this newsletter. Samantha Subin, Kate Rogers, Gabrielle Fonrouge, Lillian Rizzo and Alex Sherman contributed.

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