Here are five things you must know for Friday, June 1:
1. -- Stocks Higher Ahead of U.S. Jobs Report
U.S. stock futures pointed higher Friday, June 1, as Wall Street assessed the impact of Donald Trump's decision to impose steep tariffs on steel and aluminum imports and investors prepped for the monthly U.S. jobs report.
Contracts tied to the Dow Jones Industrial Average
Sentiment remains cautious given both the Trump administration's somewhat bellicose approach to world trade and the swift response from the European Union, Canada and Mexico, all of which imposed or prepped retaliatory tariffs following the dropping of exemptions on import levies on Thursday, May 31.
The key piece of data on the U.S. economic calendar Friday will be the nonfarm payrolls report for May at 8:30 a.m. ET. Economists surveyed by FactSet expect the U.S. to have added 190,000 jobs last month, up from 164,000 in April. The unemployment rate in May is forecast to remain steady at 3.9%. Average hourly earnings growth is expected to hold steady around 2.6%.
Trump tweeted early Friday that he was "looking forward" to the jobs report.
Abercrombie & Fitch Co. (ANF) rose more than 8% in premarket trading after the retailer's loss in the first quarter was narrower than estimates and revenue beat expectations.
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2. -- Deutsche Bank Rallies Despite Downgrade
Deutsche Bank AG (DB) shares rallied in Germany on Friday, rising 2.5%, as new CEO Christian Sewing attempted to draw a line under the lender's escalating challenges that could threaten its multi-billion dollar restructuring.
Standard & Poor's cut its long-term credit rating on Germany's largest lender by one notch to BBB+, citing execution risks to Sewing's task of retrenching operations around the world in favor of a focus on core domestic and European markets. That assessment followed a report Thursday from The Wall Street Journal which claimed the bank had been placed on a list of "troubled" lenders by the Federal Reserve last year, a report the bank didn't explicitly deny even as it said some of the information was outdated.
"Many of you are sick and tired of bad news," Sewing wrote in a memo to staff on Friday. "That's exactly how I feel. But there's no reason for us to be discouraged. Yes, our share price is at a historic low. But we'll prove that we have earned a better valuation on the financial markets."
3. -- Boeing vs. SpaceX in the Race to Mars
Boeing Co. (BA) CEO Dennis Muilenburg told TheStreet that his company will beat Elon Musk's SpaceX to Mars.
"We are working jointly with NASA and building that first rocket space launch system. It's about 38 stories tall, the first story is being built right now. It has 9.2 million pounds of thrust on that rocket, it's the biggest rocket ever. We will begin test flights starting next year."
"I firmly believe that the first person to step foot on Mars will get there on a Boeing rocket," the CEO said. Watch the full interview below.
Musk, who serves as CEO of both SpaceX and Tesla Inc. (TSLA) , has said SpaceX will begin test flights of its Mars rocket in early 2019. Musk said he believes SpaceX will be able to send manned rockets to Mars by 2024.
Musk, responding to Boeing on Twitter Thursday, said "do it" in a tweet reply to TheStreet's founder Jim Cramer.
4. -- Costco Slips as Margins Are Pressured
Shares of Costco Wholesale Corp. (COST) were down 2% in premarket trading after the warehouse retailer posted fiscal third-quarter earnings of $1.70 a share, 1 cent above estimates, but gross profit margins of 11% trailed forecasts of 11.4%.
Total revenue in the quarter rose 12.1% to $32.36 billion and beat estimates. Same-store sales rose 7% in the quarter, above estimates that called for an increase of 5.4%.
The company also said it would raise its minimum wage by $1 to $14 or $14.50 an hour. The new wage goes into effect on June 11.
5. -- It's National Doughnut Day!
Friday is National Doughnut Day and stores across the country will be offering freebies or discounts on the treats.
Dunkin' Donuts (DNKN) will be giving away a free classic donut with the purchase of any beverage on Friday, while Krispy Kreme will be giving all customers a free doughnut, no purchase necessary.
Burger King, a unit of Restaurant Brands International Inc. (QSR) , will be offering a "flame-grilled donut" - a Whopper with the center cut out - at five of its locations (New York, Los Angeles, Miami, Boston, and Salt Lake City).
TheStreet's Executive Editor Brian Sozzi will be sitting down with Dunkin' Brands CEO Nigel Travis today at noon. The interview will live around 1:00 p.m.
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