5 things to know before the stock market opens on Wednesday

5 things to know before the stock market opens on Wednesday

The National Thanksgiving Turkey stands on the South Lawn of the White House in Washington, United States, November 21, 2022.

Evelyn Hockstein | Reuters

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

1. All the trimmings

It’s the eve of Thanksgiving, so Americans are paying more attention to visiting loved ones or preparing their own homes for the big meal, but there’s still plenty to watch. The Federal Reserve is expected to release minutes from its last meeting, which could give investors more consideration as they consider upcoming rate hikes. Unemployment figures and data on mortgage applications are also on the menu on Wednesday. U.S. stock markets also recorded a positive Tuesday, as investors seek more momentum as the holiday shopping season tests retailers and consumers. US markets are closed Thursday and will close early Friday. Read live market updates here.

2. HP joins the tech layoff trend

Enrique Lores, CEO, HP

Scott Mill | CNBC

Computer company HP Inc. said on Tuesday it would lay off between 4,000 and 6,000 employees over the next three years as demand for personal computers weakens. The announcement came as HP released quarterly results that included a 13% decline in year-over-year revenue for its business segment that includes PCs. The company’s plans also came after other tech companies, such as Facebook parent Meta, Salesforce and Amazon, all said they would cut jobs as their businesses adjust to a steep decline. demand since the early days of the Covid pandemic.

3. New York Law Targets Bitcoin Mining

New York Governor Kathy Hochul speaks during a New York Women’s ‘Get Out The Vote’ rally ahead of the 2022 U.S. midterm elections, in Manhattan, New York, November 3, 2022.

andrew kelly | Reuters

New York Governor Kathy Hochul on Tuesday signed legislation that imposes a two-year moratorium on certain types of bitcoin mining that rely on carbon-based energy. Hochul hailed the law as the first of its kind in the country, and indeed industry insiders told CNBC’s MacKenzie Sigalos they believe it could set off a domino effect. The measure addresses environmental concerns about the amount of computing power used to mine bitcoin, but it also comes during a time of chaos and upheaval in the crypto industry due to the sudden collapse of Sam’s FTX Bankman-Fried.

4. Several dead in Walmart shooting

Authorities said at least seven people, including the shooter, died after a massacre Tuesday at a Walmart store in Chesapeake, Virginia. The company said it was “shocked” by the crime. “We work closely with law enforcement and are focused on supporting our associates,” walmart said on Twitter. It’s the second mass shooting in days, following a gunman’s attack on an LGBTQ nightclub in Colorado over the weekend. The Walmart shooting also came as people shopped for last-minute Thanksgiving meal items on Thursday – and days before shoppers flocked to stores to take advantage of Black Friday bargains.

5. Biden extends student loan hiatus

Getty: US President Joe Biden speaks about student debt relief at the Central New Mexico Community College Student Resource Center in Albuquerque, New Mexico on November 3, 2022.

Getty Images | Saul Loeb

President Joe Biden’s administration said Tuesday it has extended the pause on federal student loan repayments through June, or earlier if the courts allow the student loan forgiveness program to take effect. Biden. A federal appeals court last week halted the plan, which offers up to $20,000 in loan forgiveness, with a nationwide injunction. “We are extending the payment pause because it would be deeply unfair to ask borrowers to pay debt that they would not have to pay, but for the baseless lawsuits brought by Republican officials and special interests,” the secretary said. to Education, Miguel Cardona. said Tuesday.

– CNBC’s Sarah Min, Jordan Novet, MacKenzie Sigalos and Annie Nova contributed to this report.

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