Traders on the floor of the New York Stock Exchange
Source: New York Stock Exchange
Here are the most important news items investors need to start their trading day:
With two more trading days until Thanksgiving, Wall Street has already slowed down. Stocks fell during Monday’s low-volume session as investors considered new Covid developments out of China, remarks by Fed officials (see below) and Disney’s abrupt CEO change. Tuesday brings a little more action, but probably not enough to soothe the day-to-day malaise of Turkey. best buy, nordstrom, dicks, dollar tree When HP All will report earnings, and a Fed speaker will be added.Read live market updates here.
The Federal Reserve has made some progress in fighting inflation, but it is too early to stop rate hikes, said Cleveland Fed President Loretta Mester. told CNBC on Monday“There will be more work to be done as we need to make sure inflation follows a sustainable downward path back to 2%,” he said in a live interview with The Closing Bell. Investors and Fed watchers expect central bank policymakers to raise rates again in December, but after four consecutive 3/4 point rate hikes, up just 0.5% is staying. Mester said he favors slowing the pace of growth. “We’re still going to raise the funding rate, but we’re now at a reasonable point where we can be very cautious in setting monetary policy,” she said. Kansas City Fed President Esther George with St. Louis Fed President Bullard is scheduled to speak on Tuesday.
3. Eiger will soon figure it out
Disney Chairman Bob Iger at the Allen & Co. Sun Valley Conference in Sun Valley, Idaho on July 6, 2021.
Kevin Deitch | Getty Images
old bob eiger disney Now the new Disney CEO is already making an undoing move Two Most Important Decisions Created by his predecessor, Bob Chapek. In a note Monday, less than 24 hours after he was rehired, Iger told his employees to prepare for a restructuring of his Disney Media & Entertainment Distribution division at the company Chapek created. . DMED angered executives and employees in the creative side of the business, as they were known at Disney, who were accustomed to having budgetary authority over projects. Chapek’s structure changed things, and now all those big decisions are made through his right-hand man, his DMED boss Kareem Daniel. Now Daniel is out, too, Iger said in a note Monday. “Undoubtedly, elements of DMED will remain, but we fundamentally believe that storytelling is the driving force of this company and central to how we organize our business,” the CEO wrote.
The collapse of FTX has shocked the cryptocurrency industry. The price of Bitcoin and other major digital coins plummeted after a problem with FTX.
Jakub Porzycki | Null Photo | Getty Images
Bitcoin is Lowest score in 2 years With the crypto market reeling from FTX bankruptcy and potential contagion fears on Tuesday, Bitcoin hit $15,480, its lowest since Nov. 11, 2020, according to CoinDesk. The FTX collapse has only exacerbated the cryptocurrency sell-off this year. The entire crypto market has lost around $1.4 trillion during 2022 after hitting a record last year. There are signs that things are about to get worse. Asset Management Company GrayscaleIt operates the world’s largest Bitcoin fund.
Residents of Kherson, Ukraine, are receiving humanitarian assistance after dark as the city has no electricity or water since the withdrawal of Russian troops on November 16, 2022.
Paula Bronstein | Getty Images News | Getty Images
Large parts of Ukraine may have to go without power for months after Russian attacks on Ukrainian infrastructure continue. “With a devastating energy crisis, a deepening mental health emergency, limited access to humanitarian assistance and the risk of virus transmission, this winter will be a formidable test for the Ukrainian health system and the people of Ukraine. Not only for the sake of the world, but also for the world’s commitment to help the world and Ukraine,” said Hans Kluge of the World Health Organization.Read War Updates here.
– CNBC’s Alex Harring, Jeff Cox, Alex Sherman, Lillian Rizzo, Sara Salinas, Arjun Kharpal, and Holly Ellyatt contributed to this report.