5 things to know before the stock market opens Tuesday, November 22

Date:

Trader on the floor of the NYSE

Source: NYSE

Here are the most important news items investors need to start their trading day:

1. For the birds

There are still two trading days until Thanksgiving, but things are already slowing down on Wall Street. Shares fell during a low volume session on Monday as investors weighed in on new Covid developments out of China, comments from a Fed official (see below) and Disney’s sudden CEO change. Tuesday brings some more action, although it probably won’t be enough to dispel the pre-Turkey Day slump. Best Buy, Nordstrom, from Dick, Money tree and PK are all scheduled to report earnings, while more Fed speakers are also available. Read live market updates here.

2. Not there yet

The Federal Reserve has made some progress in its fight against inflation, but it’s too early to stop rate hikes, Cleveland Fed president Loretta Mester told CNBC Monday. “We will have more work to do because we really need to see inflation on a sustainable downward path back to 2%,” she said in a live interview on “Closing Bell.” Investors and Fed watchers expect central bank policymakers to raise rates again in December, albeit by only half a percentage point after four consecutive three-quarter hikes. Mester said she favors slowing the pace of increases. “We are still going to raise borrowing rates, but we are now at a reasonable point where we can be very deliberate in setting monetary policy,” she said. Kansas City Fed President Esther George and St. Louis Fed President James Bullard will speak on Tuesday.

3. Iger is right there

Disney President Bob Iger arrives for the Allen & Company Sun Valley Conference on July 6, 2021 in Sun Valley, Idaho.

Kevin Dietsch | Getty Images

Bob Iger, the old one disney CEO, who is now Disney’s new CEO, is already taking steps to reverse two of the most sweeping decisions made by his predecessor, Bob Chapek. In a memo Monday, not 24 hours after he was rehired, Iger told employees to prepare for a reorganization of the company’s Disney Media & Entertainment Distribution unit, which Chapek founded. DMED, as it’s known at Disney, angered executives and employees on the creative side of the company, who had become accustomed to having budgetary power over projects. Chapek’s structure changed things so that all those big decisions would go through DMED boss Kareem Daniel, his right-hand man. Now Daniel is out too, Iger said in Monday’s memo. “No doubt elements of DMED will remain, but I fundamentally believe that storytelling is the engine of this business, and should be central to how we organize our businesses,” the CEO wrote.

4. Bad times for bitcoin

The collapse of FTX has sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins plummeted as problems surfaced at FTX.

Jakub Porzycki | Nurphoto | Getty Images

Bitcoin fell to a two-year low on Tuesday as the crypto market reels from FTX’s bankruptcy and fears of potential contagion. Bitcoin reached $15,480, its lowest point since November 11, 2020, according to CoinDesk. The collapse of FTX has only exacerbated crypto’s decline this year. The entire crypto market has lost about $1.4 trillion by 2022 after setting records last year. There are signs that it could get worse. Wealth manager Grayscale, which manages the world’s largest bitcoin fund, said it will not share its proof of reserves with clients due to “security concerns”.

Read more: Sam Bankman-Fried tries to broker FTX rescues from his home in the Bahamas

5. Darkness and cold in Ukraine

Residents of Kherson are receiving humanitarian aid in anticipation of dark as the city has been without electricity or water since the Russian withdrawal on November 16, 2022 in Kherson, Ukraine.

Paula Bronstein | Getty Images News | Getty Images

Large parts of Ukraine could be without electricity for months following continued Russian attacks on the country’s infrastructure. Millions could be evacuated from vulnerable areas as the colder weather sets in. “The devastating energy crisis, increasing mental health emergency, limited access to humanitarian aid and the risk of viral infections will make this winter a formidable test for the Ukrainian health system and Ukrainian people, as well as for the world and its commitment to support Ukraine,” said World Health Organization official Hans Kluge. Read live war updates here.

– CNBC’s Alex Harring, Jeff Cox, Alex Sherman, Lillian Rizzo, Sara Salinas, Arjun Kharpal and Holly Ellyatt contributed to this report.

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The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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