5 things you should know before the stock market opens on Wednesday

5 things you should know before the stock market opens on Wednesday

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

Evelyn Hockstein | Reuters

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

1. All decorations

It’s the day before Thanksgiving, so Americans are paying more attention to getting to their relatives’ houses or preparing their own homes for a big meal, but there’s still plenty to see. The Federal Reserve is scheduled to release minutes from its latest meeting, which could give investors more to consider as they play for a few more rate hikes. Jobless numbers and mortgage application dates are also on the menu on Wednesday. US stock markets are also coming off a positive Tuesday, with investors looking for further momentum as the holiday shopping season tests both retailers and consumers. US markets are closed on Thursday and will close early on Friday. Read live market updates here.

2. HP joins the technology layoff trend

Enrique Lores, CEO, HP

Scott Mill | CNBC

A computer company HP Inc. on Tuesday it said it would cut 4,000 to 6,000 jobs over the next three years as demand for personal computers weakens. The announcement came after HP posted quarterly results that included a 13% year-over-year decline in sales in the business segment that includes PCs. The company’s plans also came after other tech companies such as Facebook, parent company Meta, Salesforce and Amazon all said they would cut jobs as their businesses adjust to a sharp drop in demand from the earlier days of the Covid pandemic.

3. New York Law Targets Bitcoin Mining

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

Andrew Kelly | Reuters

New York Governor Kathy Hochul signed a law on Tuesday 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 industry insiders actually told CNBC’s MacKenzie Sigalos that they think it could set off a ripple effect. The move faces environmental concerns over the amount of computing power used to mine bitcoin, but also comes at a time of chaos and upheaval in the crypto industry due to the sudden collapse of Sam Bankman-Fried’s FTX.

4. Multiple dead in Walmart shooting

Authorities say at least seven people, including the gunman, are dead after Tuesday’s massacre at a Walmart store in Chesapeake, Virginia. The company said it was “shocked” by the crime. “We work closely with law enforcement and focus on supporting our associates,” Walmart he said on Twitter. It’s the second mass shooting in days after a gunman attacked an LGBTQ nightclub in Colorado over the weekend. The Walmart shooting also came as people were making last-minute choices for Thursday’s Thanksgiving meal — and days before shoppers are expected to flock to stores to take advantage of Black Friday deals.

5. Biden extends student loan freeze

U.S. 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 a pause in federal student loan payments until June, or sooner if the courts allow Biden’s student loan forgiveness program to go into effect. A federal appeals court last week halted the plan, which offers up to $20,000 in loan forgiveness, with a nationwide injunction. “We’re extending the payment freeze because it would be deeply unfair to ask borrowers to pay a debt they wouldn’t have to pay if it weren’t for the baseless lawsuits led by Republican officials and special interests,” said Education Secretary Miguel Cardona. said Tuesday.

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

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