Hello friends and Fortune readers.
Wall Street stock futures are TK
Today’s must-read story is from Fortune‘s Brian O’Keefe and it is a profile of Walmart (WMT) CEO Doug McMillon, the man who last year became the fifth CEO ever at the country’s largest company based on annual revenue. Oh, and speaking of . . . the 2015 Fortune 500 list that Walmart sits atop is now available for perusal on Fortune.com.
Here’s what else you need to know today.
1. Greece is skipping a debt payment to the IMF
Greece is becoming the first developed economy ever to miss a payment to the International Monetary Fund. Against a background of continued deadlock over getting its remaining bailout cash, the country is going to bundle this week’s $336 million payment with others due later this month, a trick that will buy it a couple more weeks before it is formally declared to be in default.
2. Monthly jobs report
The Labor Department is expected to report that the U.S. economy added roughly 225,000 jobs in May, which would represent a slight increase in non-farm payroll from April. Another month of strong employment gains could send U.S. stocks tumbling during Friday trading, as investors worry that an improving economy will keep the Federal Reserve on track to raise interest rates sometime this year. Stocks dipped Thursday on the eve of the jobs report.
3. OPEC meeting
Oil futures are testing a five-week low as ministers from the Organization of the Petroleum Exporting Countries meet in Vienna to fix their output levels for the next six months. The cartel that produces one third of the world’s oil supply is still not expected to announce an easing of oil output despite global oversupply that has depressed crude oil prices for nearly a year.
4. Nestlé’s problems in India just got worse
The Swiss food giant has pulled its Maggi instant noodles from stores across in India, withdrawing one of the country’s most popular snacks after weeks of damaging headlines triggered by regulators’ reports that some packs contained excess lead. It still insists its product is “completely safe.”
5. National Donut Day
Yes, today is National Donut Day — a special occasion that apparently dates back to 1938 and honors Salvation Army workers. A number of companies and chains — including Dunkin’ Donuts (DNKN), Tim Hortons, and Entenmann’s — will have special giveaways in celebration.
