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Week ahead: Bezos steps down, 'Black Widow' steps up

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Much has been said about the so-called worker shortage with millions of Americans out of work and the number of job openings at a record high. A deeper dive into the inner workings of the U.S. labor market tops the Reuters Business Calendar for the week of July 5th.

1. A hiring JOLT for the economy

The JOLTS report for May comes out on Wednesday.

JOLTS stands for Job Openings and Labor Turnover Survey. It's a monthly report put out by the government and it has gained prominence with so much focus on the labor market these days.

It provides more color to the official jobs report that comes out on the first Friday of each month.

When the last JOLTS survey was released it showed a surge in job openings to a record high 9.3 million and a pick-up in the number of Americas who decided to quit their jobs.

2. Bezos steps down at Amazon

It's a shorter week due to Independence Day. Financial markets in the U.S. are closed on Monday to honor the holiday, which actually falls on Sunday.

But there is something to note for the business world Monday. That day will mark the official changing of the guard at Amazon. Founder Jeff Bezos will officially step down as CEO, but will remain executive chairman of the board.

Bezos is ending his role as CEO on a high note: the business he began as an internet bookseller 27 years ago is now one of the world’s most valuable companies.

The quick success of Amazon's cloud-computing business known as Amazon Web Services or AWS is widely-recognized.

Victoria Fernandez of Crossmark Global Investments thinks Amazon is a "buy."

"And you look at the growth that Amazon is seeing in AWS and in the retail component with their third party sellers, even though there is some tendency right now for some increased regulation. I think Amazon is still strong and has a pretty good trend going forward."

3. What's in your tuna Sub?

In the food business, reputation is everything and sandwich chain Subway is seeing its reputation squashed harder than a sandwich in a panini press.

Subway faces a Wednesday deadline to defend itself against a widely-publicized California lawsuit over how much tuna is really in a Subway tuna sandwich or wrap.

4. Cannes-do attitude returns

It's back to the big screen on Tuesday when The 74th Cannes Film Festival opens with a glitzy ceremony.

The annual global movie industry event – and all the deals and party-hopping that go along with it – usually happens in May but was postponed due to the health crisis.

Last year – it was cancelled all together.

5. Black Widow's opening weekend

Sticking with the film industry – Friday will be huge for Disney and big for Hollywood.

After being delayed for maximum financial impact, "Black Widow" featuring Scarlett Johansson will finally hit the big screen.

This is the latest offering from the Marvel Cinematic Universe....arguably the most valuable movie franchise out there.

Vin Diesel's "F9 Fast: The Fast Saga" recently pumped some adrenaline into the box office with a $70 million opening weekend in North America alone.

That was the biggest box office take since theaters were forced to close back in the early spring of 2020.

There is one catch, though, for Black Widow. It is being released in theaters and streamed on Disney+ for an additional fee on the same day.

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