5 things to know before the stock market opens on Tuesday

5 things to know before the stock market opens on Tuesday

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, November 10, 2022.

Brendan McDermid | Reuters

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

1. Rebound?

Wall Street is looking for a rebound from Monday’s rout, which came as investors watched protests in China against the government’s tough anti-Covid measures. China’s economy is already in turmoil due to President Xi Jinping’s “zero Covid” policy, which relies heavily on mass quarantines, and mass unrest would create a new level of uncertainty for the nation. of 1.4 billion people, as well as for global markets . This week, investors are also gearing up to digest a fresh wave of earnings reports (Hewlett Packard Enterprise reports after the bell on Tuesday) and the November jobs report, which lands on Friday. Read live market updates here.

2. Musk versus apple

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California on June 13, 2019.

Mike Blake | Reuters

Now Elon Musk wants to take Apple. The owner of Twitter tweeted on Monday that the iPhone maker had threatened to start its social media app from its App Store, which if that happened would kill one of Twitter’s main distribution channels. Apple declined to comment on Musk’s claims. For all his talk of free speech and censorship, Musk’s biggest gripe with Apple is probably more money than speech. The billionaire also took aim at Apple’s policy requiring app makers to pay the company a 15% to 30% discount on digital goods sold through their apps. Musk, eager to find a revenue stream for Twitter as advertising dollars have dried up, wants to charge subscription fees for certain services on Twitter.

3. Disney is sticking to the hiring freeze

Magic Kingdom at Disney World in Orlando, Florida.

Joe Raedle | Getty Images News | Getty Images

Bob Iger made a resounding return to the disney land in Burbank, Calif., where he held his first town hall meeting since being rehired as CEO just over a week ago. He spent a lot of time focusing on corporate culture, which many at Disney resented under former CEO Bob Chapek, and touting his creative powers. But Iger also talked about concrete moves that will affect the daily work of the company. Iger said Disney would maintain the hiring freeze Chapek put in place and would carefully review the company’s cost structure. Chapek, in a cost-cutting memo he sent days before his ousting, said layoffs would be part of the process. Now it’s up to Iger, who has built up a lot of goodwill among the employees, to make that call.

Read more: Iger Addresses ‘Don’t Say Gay’ Fallout, Importance of LGBTQ Inclusion

4. BlockFi files for bankruptcy

Ether Tanks After BlockFi Bankruptcy, Firms Prepare Voyager Deals: CNBC Crypto World

Another one biting the dust. BlockFi became the latest crypto firm to fail on Monday as the fallout from FTX’s failure spreads. The company had previously halted withdrawals and warned of its exposure to FTX and sister trading firm Alameda Research. BlockFi’s bankruptcy filing on Monday noted that it had an outstanding loan of $275 million to FTX US, the US unit of FTX. Previously valued at $4.8 billion, BlockFi avoided bankruptcy in July thanks to a $400 million revolving credit facility from FTX, whose founder, Sam Bankman-Fried, posed as a crypto white knight . However, that all came crashing down earlier this month as FTX itself filed for bankruptcy.

5. The cold reality of Ukraine

Destroyed Russian vehicles and tanks at Mykhailivska Square on November 19, 2022 in Kyiv, Ukraine. Millions of Ukrainians are facing severe power outages after recent waves of Russian missile and drone strikes reportedly left nearly half of Ukraine’s energy infrastructure disabled and in need of repairs, as temperatures plummet.

Jeff J Mitchell | Getty Images News | Getty Images

It’s getting colder in Ukraine, with temperatures expected to drop below freezing this week, as the country grapples with widespread blackouts and other infrastructure breakdowns caused by Russian missile strikes. Now the pressure is on the United States and the rest of NATO to support Ukraine on the home front in addition to providing weapons for the battlefield. “President Putin is trying to use winter as a weapon of war,” NATO Secretary General Jens Stoltenberg said on Tuesday, pledging to help Ukraine over the bitter months ahead. Read live war updates here.

– CNBC’s Sarah Min, Kif Leswing, Alex Sherman, MacKenzie Sigalos, Rohan Goswami, Lillian Rizzo and Holly Ellyatt contributed to this report.

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