Traders work on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US, November 11, 2022.
Andrew Kelly | Reuters
Here are the most important news items investors need to start their trading day:
Stocks are coming off a strong week, thanks in large part to cooler-than-expected inflation readings that prompted hopes of lighter rate hikes from the Federal Reserve. The S&P 500 had its best week since June, while the Nasdaq had its best frame since March. Even with the Democrats holding the Senate (more on that below) there is still a strong potential for the GOP to win the House and break the gridlock in Washington, which will likely limit new regulations and tax increases. Still, Fed officials warned that it could take some time for the central bank to bring inflation down. “Stop paying attention to the pace and start paying attention to where the end point will be. Until we get lower inflation, the end point is still way out there,” Fed Governor Christopher Waller. said Sunday. Read live market updates Here you go.
US Senate Democratic Leader Chuck Schumer (D-NY) speaks at a US midterm election night party for New York Governor Kathy Hochul in New York, New York, US November 8, 2022.
Brendan McDermid Reuters
US Senate will remain in the hands of the Democrats’ after their incumbents in Arizona and Nevada – respectively Mark Kelly and Catherine Cortez Masto – was projected to win their race over the weekend. The victory once again gave Democrats 50 votes in the chamber, good enough for a majority, with Vice President Kamala Harris acting as the tie breaker. The party was able to increase its leverage a little more with a victory in the December runoff between Georgia Senator Raphael Warnock and his Republican challenger, Herschel Walker. It will take some power away from centrist Sen. Kyrsten Sinema, D-Ariz., and conservative West Virginia Democratic Sen. Joe Manchin, but they will remain pivotal in the tight vote. Even if the House flips Republican, Democratic control of the Senate will make it easier for Biden to appoint new judges and Cabinet members.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a hearing of the Senate Agriculture, Food and Forestry in Washington, DC, Wednesday, February 9, 2022.
Sarah Silbiger/ | Bloomberg | Getty Images
There has been a whirlwind of revelations and developments since the fallout investor, Sam Bankman-Fried’s crypto company FTX. Filed for bankruptcy Friday. The company, now under the control of new CEO and head of restructuring John Ray, clamped down on trading and withdrawals after a series of “illegal transactions” happened right after it declared bankruptcy. Meanwhile, a new CNBC report says Alameda, a trading firm that Bankman-Fried founded, quietly used billions of dollars in customer funds from FTX in a way that evaded the attention of investors, employees and auditors. Bankman-Fried, who has donated millions to Democratic political causes, also came under fire from Washington, signing a major shift for the crypto industry. The decline has prompted calls for stronger scrutiny from the right and left alike.
Signage at a Walmart store in Secaucus, New Jersey.
Lucas Jackson | Reuters
It’s the retailer’s turn in the earnings spotlight, and it couldn’t be a more important time for the industry. The holiday shopping season is practically underway, even though Black Friday is only two weeks away. This week, investors will get a clearer picture of how retailers are drawing in customers, as well as why successful companies are plowing through piles of unwanted inventory at steep markdowns. writes CNBC’s Melissa Repko. Here’s the schedule for this week’s retailer earnings reports:
US President Joe Biden (R) and Chinese President Xi Jinping (L) shake hands as they meet on the sidelines of the G20 summit in Nusa Dua on the Indonesian resort island of Bali on November 14, 2022.
Saul Loeb Afp | Getty Images
President Joe Biden on Monday met face and his Chinese counterpart, Xi Jinping, for the first time since he moved to the White House in January 2021. While the two presidents have spoken through several video conferences and phone calls, the private meeting before the G-20 summit took place at a particularly tense time, between concerns about Taiwan and the Russian invasion of Ukraine, among other things. “We need to find the right direction for bilateral relations in the future and improve relations,” Xi said, while Biden stressed that the two countries can compete without it becoming a conflict.
Bob Chapek, CEO of Disney at the Boston College Chief Executives Club, November 15, 2021.
Charles Krupa AP
“Black Panther: Wakanda Forever” may have been Big opening weekendbut cost cutting comes to Disney. In a memo obtained by CNBC on Friday, CEO Bob Chapek told his division leaders that Disney, which is coming off a rough earnings report, will seek to cut spending at the company. That means targeted job freezes, travel restrictions and eventual staff cuts, Chapek wrote in a memo, which you can read here.
– CNBC’s Yun Li, Kevin Breuninger, Jacob Pramuk, Kate Rooney, MacKenzie Sigalos, Paige Tortorelli, Brian Schwartz, Melissa Repko, Evelyn Cheng and Alex Sherman contributed to this report.