5 things you need to know before the stock market opens on Tuesday, November 22


A trader on the NYSE floor

Source: NYSE

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

1. For birds

Thanksgiving is still two trading days away, but things are already slowing down on Wall Street. Stocks fell during a low-volume session on Monday as investors weighed new Covid developments from China, Fed official statements (see below) and Disney’s sudden CEO change. Tuesday brings a little more action, though it won’t be enough to quell the pre-Turkey Day jitters. Best Buy, Nordstrom, Dick’s, Dollar tree and HP more Fed speakers are also on tap, all set to report earnings. Read live market updates here.

2. Not yet

Cleveland Fed President Loretta Mester told CNBC on Monday that the Federal Reserve has made some progress in fighting inflation, but it is too early to stop raising interest rates. “We will have more work to do because we need to see inflation return to 2% sustainably,” he said. Investors and Fed watchers expect the central bank’s policymakers to raise interest rates by just half a percentage point in December after four consecutive three-quarter hikes. Mester said he supports slowing the rate of increases. “We will still raise the funds rate, but we are at a reasonable point where we can be very deliberate in setting monetary policy,” he said. On Tuesday, Kansas City Fed President Esther George and St. Louis Fed President James Bullard will speak.

3. Iger is headed for it

Disney Chairman Bob Iger arrives at the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho.

Kevin Dietsch | Getty Images

Bob Iger, old Disney Now, Disney’s new CEO is already taking steps to reverse two of the most influential decisions made by his predecessor, Bob Chapek. In a memo on Monday, less than 24 hours after being rehired, Iger told employees to prepare for a reorganization of the company’s Disney Media and Entertainment Distribution division created by Chapek. DMED, as it’s known at Disney, angered executives and employees on the creative side of the business who were accustomed to having budgetary power over projects. Chapek’s structure changed things so that all these big decisions went through his right-hand man, DMED boss Kareem Daniel. And now Daniel is out, Iger said in a memorial Monday. “There will certainly be elements of DMED that will remain, but I fundamentally believe that storytelling is what drives this company and is at the heart of how we do business,” the CEO said.

4. Bad times for Bitcoin

The collapse of FTX sent shock waves through the cryptocurrency industry. The price of bitcoin and other major digital coins has plummeted due to problems with FTX.

Jakub Porzycki | Nurfoto | Getty Images

Bitcoin fell to a two-year low on Tuesday as the cryptocurrency market reeled from FTX’s bankruptcy and fears of potential contagion. Bitcoin hit $15,480, its lowest point since November 11, 2020, according to CoinDesk. The collapse of FTX has further exacerbated the decline in cryptocurrency this year. The entire cryptocurrency market is expected to lose an estimated $1.4 trillion in 2022 after hitting records last year. There are signs that things could get worse. Grayscale, the asset manager that runs the world’s largest bitcoin fund, said it would not share proof of its holdings with clients due to “security concerns.”

Read more: Sam Bankman-Fried tries to get FTX help from his home in the Bahamas

5. Darkness and cold in Ukraine

Residents of Kherson receive humanitarian aid as the city is left without electricity or running water, following the Russian withdrawal, on November 16, 2022 in Kherson, Ukraine.

Paula Bronstein | Getty Images News | Getty Images

Large areas of Ukraine could be left without power for months after Russia’s continued attacks on the country’s infrastructure. With the onset of cold weather, millions of people may be evacuated from vulnerable areas. “The devastating energy crisis, the deepening mental health crisis, limited access to humanitarian aid and the risk of virus infection will be a tough test this winter for the Ukrainian health system and Ukraine’s people, but also for the world and its commitment to support Ukraine,” – WHO official Hans Kluge 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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