A trader on the floor of the New York Stock Exchange
Here are the top stories investors need to start their trading day:
1. For birds
There are still two more trading days until Thanksgiving, but things are already slowing down on Wall Street. Stocks fell during Monday’s low-volume trading session as investors weighed new Covid developments from China, comments from a Federal Reserve official (see below), and Disney’s sudden CEO change. Tuesday brings more action, though it probably won’t be enough to upset the pre-Turkey Day crowd. best buyAnd the NordstromAnd the roosterAnd the dollar tree And the HP They are all slated for earnings reporting, while there are more Fed speakers as well. Read live market updates here.
2. Not there yet
Cleveland Federal Reserve Chair Loretta Mester told CNBC on Monday that the Fed has made some progress in its fight against inflation, but that it’s too early to stop raising interest rates. “We’re going to have more work to do, because we need to see inflation really get on a sustainable downward path back to 2%,” she said in a live interview on “The Closing Bell.” Investors and Fed watchers expect central bank policymakers to raise interest rates again in December, albeit by just half a percentage point after four consecutive three-quarter point hikes. Meester said she is in favor of slowing the pace of increases. “We’re still going to raise rates, but we’re at a reasonable point now where we can be very deliberate in setting monetary policy,” she said. Kansas City Bank President Esther George and St. Louis Federal Reserve President James Bullard are scheduled to speak on Tuesday.
3. Iger gets it right
Disney President Bob Iger arrives at the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho.
Kevin Deitch | Getty Images
Bob Iger, the old one Disney The CEO, who is now Disney’s new CEO, is already taking steps to undo two of the most important decisions made by his predecessor, Bob Chapek. In a memo Monday, not less than 24 hours after he was rehired, Iger told employees to prepare for a reorganization of Disney’s media and entertainment distribution unit, which Chapek set up. The DMED, as it is known in Disney, has angered executives and employees on the creative side of the business who are used to having budgetary authority over projects. Chapek’s build has changed things so that all of those big decisions go through DMED Chief Karim Daniel, his right-hand man. Daniel is also out, Iger said in a note on Monday. “Without a doubt, the elements of DMED will remain, but I believe fundamentally storytelling is what fuels this company, and it belongs at the heart of how we organize our business,” the CEO wrote.
4. Bad times for bitcoin
The collapse of FTX sent shockwaves through the cryptocurrency industry. The price of Bitcoin and other major cryptocurrencies has fallen sharply as problems arise with FTX.
Jacob Borzycki | Norphoto | Getty Images
Bitcoin fell to a two-year low on Tuesday, as the cryptocurrency market rebounded from the FTX bankruptcy and fears of possible contagion. Bitcoin price reached $15,480, its lowest level since November 11, 2020, according to CoinDesk. The collapse of FTX has exacerbated the cryptocurrency’s decline this year. The entire crypto market lost about $1.4 trillion during 2022 after hitting record numbers last year. There are signs things could go wrong. Asset manager Grayscale, which runs the world’s largest bitcoin fund, said it would not share proof of reserves with clients due to “security concerns.”
Read more: Sam Bankman-Fried tries to broker an FTX bailout from his home in the Bahamas
5. It’s dark and cold in Ukraine
Kherson residents receive humanitarian aid waiting after dark as there has been no electricity or water in the city since the Russian withdrawal on November 16, 2022 in Kherson, Ukraine.
Paula Bronstein | Getty Images News | Getty Images
Large areas of Ukraine may have to be without electricity for months after Russia’s ongoing attacks on the country’s infrastructure. Millions of vulnerable areas could be evacuated as colder weather sets in. “The devastating energy crisis, the worsening mental health emergency, restrictions on humanitarian access and the threat of viral infection will make this winter a colossal test for Ukraine’s health system and its people, but also for the world and its commitment to support Ukraine,” said the WHO official. World Hans Kluge. Read live war updates here.
— CNBC’s Alex Haring, Jeff Cox, Alex Sherman, Lillian Rizzo, Sara Salinas, Arjun Karpal and Holly Elliott contributed to this report.
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