Trader on the floor of the NYSE
Here are the most important news for investors to start their trading day:
1. For birds
Thanksgiving is still two trading days away, but things are already slow on Wall Street. Stocks fell during Monday’s low-key session as investors weighed new Covid developments from China, Fed official comments (see below) and Disney’s sudden CEO change. Tuesday brings a little more action, though it won’t be enough to shake off the pre-Turkey Day malaise. Best buy, Nordstrom, Dick is, Dollar Tree And HP All of these are scheduled to report earnings, and the Fed speakers are tapping. Read live market updates Here.
The Federal Reserve has made some progress in its fight against inflation, but it’s too soon to stop raising rates, Cleveland Fed President Loretta Mester said. told CNBC on Monday. “We’re going to do a lot more work because we really need to see inflation on a steady downward path to 2%,” he said in a live interview on “Closing Bell.” Investors and central bank watchers expect central bank policymakers to raise rates again in December, albeit by just half a percentage point after four consecutive three-quarter-point hikes. Meister said he supports slowing the increase. “We’re still going to raise the funds rate, but we’re at a reasonable point where we can be more deliberate in setting monetary policy,” he said. Kansas City Fed President Esther George and St. Louis Fed President James Bullard are scheduled to speak on Tuesday.
3. Iger gets it right
Disney Chairman Bob Iger arrives at the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho.
Kevin Deitch | Good pictures
Bob Iger, the old man Disney Now Disney’s new CEO, the CEO, is already taking action to undo it Two very useful results Made by his predecessor, Bob Chabeck. In a memo Monday, less than 24 hours after he was rehired, Iger told employees to prepare to reorganize the company’s Disney Media & Entertainment Distribution unit created by Chapek. DMED, as it is known at Disney, angered executives and employees on the creative side of the business, who have budgetary authority over projects. Sabek’s organization changed things so that all those big decisions would go through DMED boss Karim Daniel, his right-hand man. Now Daniel is out, Iger said in a memo Monday. “Without question, there will be elements of DMED, but I believe storytelling is what fuels this company and is at the heart of how we organize our businesses,” the CEO wrote.
FTX’s collapse has sent shockwaves through the cryptocurrency industry. The price of Bitcoin and other major digital currencies has fallen sharply as problems have surfaced with FTX.
Jakub Borzicki | NoorPhoto | Good pictures
Bitcoin fell on it The lowest point in two years On Tuesday, the crypto market was reeling from fears of FTX’s bankruptcy and potential contagion. Bitcoin hit $15,480, its lowest point since November 11, 2020, according to CoinDesk. FTX’s decline has exacerbated the crypto’s decline this year. By 2022 the entire crypto market has lost around $1.4 trillion dollars after hitting record highs last year. There are signs that things are about to get worse. Property Manager GreyscaleThe operator of the world’s largest bitcoin fund said it would not share proof of balance with clients due to “security concerns”.
Kherson residents wait for humanitarian aid after dark as the city is without electricity or water after a Russian retreat in Kherson, Ukraine, on November 16, 2022.
Paula Bronstein | Getty Images News | Good pictures
Large parts of Ukraine could be without power for months after Russian attacks on the country’s infrastructure. Millions may be evacuated from vulnerable areas as cold weather sets in. “The devastating energy crisis, deepening mental health emergency, restrictions on humanitarian access and the risk of viral infections will make this winter a formidable test for Ukraine’s health system and the Ukrainian people. People, but also the world and its commitment to support Ukraine,” said World Health Organization official Hans Kluk. . Read live battle announcements Here.
— CNBC’s Alex Haring, Jeff Cox, Alex Sherman, Lillian Rizzo, Sarah Salinas, Arjun Karpal and Holly Elliott contributed to this report.