Traders on the floor of the NYSE, January 5, 2023.
Here are the most important news investors need to start their trading day:
1. A little momentum
The Nasdaq put together its second straight gain on Monday despite declines in the Dow and S&P 500. The tech-heavy Nasdaq struggled mightily last year, dragged down by big declines in stocks. Tesla. But can it make a major comeback this year? One classic indicator is that stocks are in for a good year overall. Simply put, the S&P 500 has performed well after the first five trading days of the year — up 1.1% so far — and that could point to a positive 2023. Tuesday may test market momentum, though Fed Chairman Jerome Powell plans to. to talk Read live market updates here.
2. Goldman lays off 3,200 people
Goldman Sachs is set to cut up to 3,200 jobs this week, a sign that Wall Street is bracing for leaner times this year. There’s a bit of a silver lining, though: Those 3,200 jobs represent about 6.5% of the big bank’s workforce, while Goldman was expected to cut up to 8% of its workforce. Still, that doesn’t mean Goldman and Wall Street have been dismissed altogether. Bank executives want to see what happens in the first quarter, especially whether the economy is headed for recession. So there may be more cuts in February or March.
3. Iger says back to the office
Bob Iger, former CEO of The Walt Disney Company
Scott Mlyn | CNBC
The new year has brought tougher office demands for many companies and their employees, with bosses calling for hybrid schedules that involve coming in two or three days a week. There are no exceptions Disney, CEO Bob Iger told corporate employees to come into the office at least four days a week starting March 1. the sudden firing of his chosen successor, Bob Chapek. “As you’ve heard me say time and time again, creativity is the heart and soul of who we are and what we do at Disney,” Iger wrote to employees. “And in a creative business like ours, nothing can replace the ability to connect, observe and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors.”
4. Bed Bath and bankruptcy?
A “Store Closing” sign at a Bed Bath & Beyond store in Farmingdale, New York on Friday, January 6, 2023.
Johnny Milano | Bloomberg | Getty Images
Bed Bath & Beyond may not have much time left. Last week, just days before the beleaguered retailer was due to report quarterly earnings, the company pre-announced a slew of results, warning it could soon file for bankruptcy protection. Set to report earnings on Tuesday morning, Bed Bath warned it was running out of cash quickly as sales fell more than expected. His losses and problems with buying goods on the shelves increased. Tuesday’s report could shed more light on what’s going on at the company, including what’s next, as its turnaround strategy unravels. Read more from CNBC’s Melissa Repko and Gabrielle Fonrouge.
5. Russia advances, pounds Ukraine
Ukrainian rescue workers work in the area after a missile struck a local market in the village of Shevchenkove, Kharkiv Oblast, Russia, on January 9, 2023.
Sergey Bobok Afp | Getty Images
Russian forces have made “tactical advances” to seize territory in the Donbass region. According to the UK Ministry of Defence, they are particularly aiming to capture the city of Bakhmut, which appears to be Moscow’s “primary immediate operational objective”. In the meantime, 4 civilians were killed and about 30 people were injured as a result of Russian missile attacks on the northeastern, eastern and southern regions of Ukraine. Read live war updates here.
And one more thing…
Inglewood, CA – January 09: Georgia Bulldogs quarterback Stetson Bennett, 13, reacts after a touchdown against the TCU Horned Frogs in the first half during the CFP National Championship Football game, Monday, January 9, 2023, at SoFi Stadium in Inglewood. ( Photo by Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images)
Star-news via Medianews Group/pasadena Getty Images | Medianews Group | Getty Images
The college football season ended with a bang. The Georgia Bulldogs repeated as national champions on Monday night, beating the TCU Horned Frogs 65-7. According to the Associated Press, no team has scored more points in the national title game since the 1998 Bowl Championship Series debut.
– CNBC’s Tanaya Macheel, Hugh Son, Alex Sherman, Sarah Whitten, Melissa Repko, Gabrielle Fonrouge and Holly Ellyatt contributed to this report.
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