Trading on the NYSE floor
Here are the most important information 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 in a low-volume session on Monday as investors assessed new Covid developments in China, remarks from a Fed official (see below) and Disney’s sudden CEO change. Tuesday brings a bit more action, though that probably won’t be enough to quell the pre-Turkey Day unease. best buy, Nordström, by dick, dollar tree and HP are all expected to report earnings, while other Fed speakers tune in as well. Read live market updates here.
2. Not there yet
The Federal Reserve has made progress in its fight against inflation, but it is too early to stop rate hikes, Cleveland Fed President Loretta Mester told CNBC on Monday. “We’re going to have more work to do, because we need to see inflation really on a sustainable downward path 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 point hikes. Mester said she supports slowing the pace of increases. “We’re going to raise the funds rate again, but we’re 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 are scheduled to speak on Tuesday.
3. Iger cuts to the chase
Disney Chairman Bob Iger arrives for the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho.
Kevin Dietsch | Getty Images
Bob Iger, the former disney The CEO, who is now Disney’s new CEO, is already taking steps to reverse two of the most important decisions made by his predecessor, Bob Chapek. In a memo on 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, created by Chapek. DMED, as it’s known at Disney, angered executives and employees on the creative side of the company who had grown accustomed to having budgetary power over projects. Chapek’s structure has changed things so that all those big decisions go through DMED boss Kareem Daniel, his right-hand man. Now Daniel is also out, Iger said in Monday’s memo. “Undoubtedly, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this business, and it belongs at the center of how we run our businesses,” the CEO wrote.
4. Bad weather for bitcoin
The collapse of FTX sent shockwaves through the cryptocurrency industry. The price of bitcoin and other major digital coins fell sharply as problems at FTX surfaced.
Jakub Porzycki | Nurphoto | Getty Images
Bitcoin fell to its lowest point in two years on Tuesday as the crypto market reeled from FTX’s bankruptcy and fears of possible contagion. Bitcoin hit $15,480, its lowest point since Nov. 11, 2020, according to CoinDesk. The collapse of FTX has only exacerbated the crypto’s decline this year. The entire crypto market lost around $1.4 trillion in 2022 after hitting all-time highs last year. There are signs that things could get worse. Asset manager Grayscale, which runs the world’s largest bitcoin fund, said it would not share its proof of reserves with clients due to “security concerns”.
Read more: Sam Bankman-Fried Tries To Negotiate FTX Bailout From His Bahamas Home
5. Dark and cold in Ukraine
Residents of Kherson receive pending humanitarian aid after dark as the city has been without electricity or water since the Russian retreat on November 16, 2022 in Kherson, Ukraine.
Paula Bronstein | Getty Images News | Getty Images
Large parts of Ukraine may go without power for months after sustained Russian attacks on the country’s infrastructure. Millions of people could be evacuated from vulnerable areas as cold weather sets in. people, but also for the world and its commitment to support Ukraine,” World Health Organization official Hans Kluge said. 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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