5 things to know before the stock market opens Thursday, June 2

Here are the top news, trends and analysis that investors need to start their trading day:

1. Stock futures rise as Wall Street attempts to recover from Wednesday’s losses

A trader works on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York, April 11, 2022.

Andrew Kelly | Reuters

US stock futures pointed to a higher open on Thursday, as traders tried to regain ground after a choppy trading session. Futures related to the Dow Jones Industrial Average rose 97 points, or 0.3%. S&P 500 and Nasdaq 100 futures rose 0.4% and 0.6%, respectively. Thursday’s moves come a day after major averages started the month slightly lower, as concerns about the health of the economy and rising interest rates weighed on market sentiment.

2. Oil fell after news that Saudi Arabia may increase production if Russia’s production declines due to sanctions

The sun sets behind water pumps at the Bellridge Oil Field on November 3, 2021 near McKittrick, California.

Mario Tama | Getty Images

Oil prices came under pressure after the Financial Times, citing sources, reported that Saudi Arabia is ready to increase crude production if there is a significant drop in Russia’s production due to sanctions. West Texas Intermediate crude, the benchmark for US oil, fell 2.4% to $112.45 a barrel. International Brent crude fell 2.4 percent to $113.45. According to the report, Saudi Arabia is aware of the risks of supply shortages and that “it is not in its interest to lose control of oil prices.”

The FT report comes ahead of an important OPEC+ meeting on Thursday. The organization, along with Russia and other oil-producing countries, is expected to adhere to the existing production agreement.

3. Sheryl Sandberg is dead to quit

Sheryl Sandberg, Chief Operating Officer, Facebook.

Fabrice Cofferini | AFP | Getty Images

Sheryl Sandberg, COO of Meta, the mother of Facebook, has announced that she is stepping down, with chief growth officer Javier Oliv├ín appointed to replace her in the fall. “Over the next few months, Mark and I will be passing on my direct reports,” Sandberg said in a lengthy Facebook post discussing stepping down. CEO Mark Zuckerberg also said that the company is planning an internal reorganization along with the change.

Sandberg joined Facebook in 2008 as Zuckerberg’s No. 2, Help turn your social media company into an advertising powerhouse.

4. Elon Musk tells Tesla workers to go back to work or quit

Brendan Smilofsky | Afp | Getty Images

In two separate emails, Tesla’s Elon Musk told company workers to tell them to work from the office at least 40 hours a week, or leave the company. “If you don’t show up, we’ll assume you quit,” Musk said in an email obtained by CNBC and first reported by Electric. “Anyone who wants to do remote work must be in the office for at least 40 hours (and I mean *minimum*) per week or leave Tesla,” Musk said in the first email, according to Electrek. “That’s less than we’re asking factory workers.”

Musk’s emails come because other big tech companies haven’t yet forced all workers back to their offices. Alternatively, employers such as Amazon, Apple, and Alphabet allow some remote work, depending on the employee’s position and location.

5. The White House cancels student debts for half a million students from Corinthian colleges

Teachers line up to enter Everest College, one of the Corinthian colleges that has closed down, for a meeting and a chance to collect their personal items, in City of Industry, California, April 27, 2015.

Al-Sib | Los Angeles Times | Getty Images

On Wednesday, the Education Ministry announced that nearly 560,000 students who attended schools operated by Corinthian Colleges, formerly a large for-profit educational company, will have their student loan debt canceled. That would amount to approximately $5.8 billion in canceled debt. These schools have been accused of predatory and illegal practices, and the company filed for Chapter 11 bankruptcy in 2015.

CNBC’s Weizhen Tan, Annie Nova, and Jessica Bursztynsky contributed to this report.

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