5 things to know before the stock market opens on Wednesday, November 16

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, November 15, 2022.

Brendan McDermid Reuters

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

1. We can sell it for you wholesale

2. Target holiday warning

Outside a Target store in Los Angeles, California before opening for business on August 17, 2022.

Robyn Beck AFP | Getty Images

Good news? market made a great deal of progress in eliminating piles of unwanted merchandise. Bad news? The cost of doing so, through markdown and other means, heavy weight on his profit in the most recent quarter, resulting in a decrease of approximately 50% year-over-year. Bad news? Even with all those clearance items, Target said it saw a slowdown in sales in late October that carried over into November. That forced companies to scale back their expectations for the holiday shopping quarter — the most important time of the year for retailers. After rival Walmart’s positive earnings report on Tuesday, the pressure on Target and CEO Brian Cornell is even worse today.

3. Amazon started cutting jobs

Amazon CEO Andy Jassy spoke with CNBC’s Jon Fortt.

CNBC

Amazon start to lay off employees this week, after the media outlet reported that the e-commerce behemoth will eliminate 10,000 jobs. The first wave of layoffs hit the Alexa company and its Luna cloud gaming unit, according to LinkedIn posts from employees who said they were affected by the move. Amazon is also expected to lower its headcount in its retail and human resources organizations, as well. Amazon’s job cuts come as other tech companies are also pulling back. Twitter, Facebook, Salesforce and several other firms have announced layoffs in recent weeks after massive growth in the early days of the pandemic.

4. Missile kills two in Poland

A missile killed two people Tuesday in Poland, about 15 miles from the Ukrainian border, immediately triggering worries that Russia’s war against its former Soviet neighbors could expand to Europe. But NATO’s secretary general, Jens Stoltenberg, said it was a possibility caused by Ukrainian defense missiles. The Polish president, Andrzej Duda, also immediately tried to cool down the situation. “What happened was an isolated incident,” he said. “There is no indication that more will happen.” Read live battle updates Here you go.

5. Trump is running again, despite everything

Donald Trump, who repeated false claims that the 2020 election was stolen inspired hundreds of his supporters to attack Congress in a violent uprising on January 6, 2021, namely. run for president again. The announcement of the twice-impeached former president came after several of his preferred candidates and fellow electoral rejects lost in last week’s midterm elections. Republican megadonor and other top GOP figures who keep their distance from him, calling him a burden on the party. He is under federal criminal investigation into whether he illegally obtained and stored sensitive national security documents from the government. His company, the Trump Organization, being tried criminally in New York. And another business, Truth Social parent Trump Media and Technology Group, also for probe by federal prosecutors and regulators.

– CNBC’s Samantha Subin, Melissa Repko, Annie Palmer, Ted Kemp, Holly Ellyatt, Christina Wilkie and Brian Schwartz contributed to this report.

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