All three major averages (^DJI, ^GSPC, ^IXIC) are lower across the board with financial shares leading the decline after a much weaker-than-expected May jobs report. The Labor Department reported that only 38,000 jobs were added last month, while the unemployment rate fell to 4.7%.
Markus Schomer, Chief Economist at PineBridge Investments, explained to Yahoo Finance's Alexis Christoforous (in the video above) why this makes the a potential rate hike in June more uncertain.
Walmart’s shareholder meeting
Walmart (WMT) is expected to announce at its annual shareholder meeting later today that it's partnering with Uber and Lyft to test out online grocery deliveries. The plan is to speed up shipment times and compete better with Amazon (AMZN). Walmart is also making a big move against Whole Foods (WFM). Stores are overhauling their grocery aisles: You’re now more likely to find organic produce, fresh sushi and gourmet cheeses.
Gap (GPS) got a nice pop in early trading. The struggling retailer reporting same-store sales fell 6% in May as it saw weakness across all its brands. However, that was better than the 8.5% drop analysts were expecting. And the company said performance improved leading into the Memorial Day holiday weekend, which could bode well for June sales.
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Five Below (FIVE) delivered better-than-expected earnings and revenue for the first quarter, with revenue soaring 25% from a year earlier thanks strong same-store sales growth.
Tribune Publishing (TPUB), the owner of the Chicago Tribune and the Los Angeles Times, is rebranding and moving its listing to the Nasdaq from the NYSE. Starting June 20, the company will be known as "TRONC," which is short for Tribune online content, and will begin trading on the Nasdaq under the ticker TRNC. This comes amid a hostile bid by Gannett (GCI) to buy the newspaper publisher.
Avianca Holdings (AVH) shares soared in early trading after the Wall Street Journal reported that all or part of the Latin American airline may be sold. United Continental (UAL) and Delta Air Lines (DAL) are reportedly interested in the carrier.
Planning for life after Zuckerberg
Facebook’s (FB) board is preparing for a life without Mark Zuckerberg. They want the CEO’s majority voting control be removed – whenever he decides to leave. Shareholders are being asked to vote on changing Zuckerberg’s Class B shares into Class A once he’s no longer a leader at the company. This will ensure that a future chief’s powers aren’t limited.