5 things to know before the stock market opens Wednesday, November 23

The National Thanksgiving Turkey stands on the South Lawn of the White House in Washington, US, November 21, 2022.

Evelyn Hockstein Reuters

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

1. All the trimmings

It’s the day before Thanksgiving, so Americans spend more attention going to their relatives’ houses or preparing their own homes for the big meal, but there is much more. to look at. The Federal Reserve is set to release minutes from its last meeting, giving investors more to consider as they play out the next few rate hikes. Jobless numbers and mortgage application data are also on the menu for Wednesday. US stock markets came off a positive Tuesday, as well, so investors are looking for more momentum as the holiday shopping season tests retailers and consumers. US markets are closed on Thursday and will close early on Friday. Read live market updates here.

2. HP joins the trend of removing technology

Computer company HP Inc. said Tuesday that it will lay off between 4,000 and 6,000 employees over the next three years as demand for personal computers weakens. The announcement came as HP released quarterly results that included a 13% year-over-year decline in revenue for its business segment that includes PCs. The company’s plans also come after other tech companies, such as Facebook parent Meta, Salesforce and Amazon, all said they would cut jobs as their businesses adapt to a strong reduced demand from the first days of the Covid pandemic.

3. New York law targets bitcoin mining

New York Governor Kathy Hochul speaks at a New York Women “Get Out The Vote” rally ahead of the 2022 US midterm elections, in Manhattan, New York City, November 3, 2022.

Andrew Kelly | Reuters

New York Governor Kathy Hochul signed a law on Tuesday that imposed a two-year moratorium on certain types of bitcoin mining that depend on carbon-based power. Hochul hailed the law as the first of its kind in the country, and, in fact, industry insiders told CNBC’s MacKenzie Sigalos that they think it could have a domino effect. The measure faces environmental concerns about the amount of computing energy used to mine bitcoin, but it also comes at a time of turmoil and turmoil in the crypto industry due to the sudden collapse of FTX by Sam Bankman- Fried.

Also Read :  Is Tesla seeing a slowdown in demand? | Business and Economy News

4. Multiple deaths in Walmart shooting

Authorities say at least seven people, including the shooter, are dead after Tuesday’s massacre at a Walmart store in Chesapeake, Virginia. The company said it was “shocked” by the crime. “We are working hard with law enforcement, and we are focused on supporting our partners,” Walmart said on Twitter. It was the second shooting in as many days, after a gunman attacked an LGBTQ nightclub in Colorado over the weekend. The Walmart shooting also came as people were picking up last-minute items for Thanksgiving meals on Thursday — and days before shoppers are expected to flock to stores to take advantage of Black Friday bargains.

5. Biden extends student loan pause

President Joe Biden’s administration on Tuesday said it would extend the moratorium on federal student loan payments until June, or sooner if the courts allow Biden’s student loan forgiveness program to go into effect. A federal appeals court last week halted the plan, which offers up to $20,000 in loan forgiveness, with a national order. “We extended the moratorium because it would be unreasonable to ask borrowers to repay a loan they would not have to repay, if it weren’t for the baseless lawsuits brought by Republican officials and special interest,” Education Secretary Miguel Cardona said Tuesday.

– CNBC’s Sarah Min, Jordan Novet, MacKenzie Sigalos and Annie Nova contributed to this report.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every stock move. Follow broader market action like a pro at CNBC Pro.


Leave a Reply

Your email address will not be published.