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5 things to know before the stock market opens on Tuesday 22 November

Trader on the floor of the NYSE

Source: NYSE

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

1. For the birds

There are still two trading days until Thanksgiving, but things are already winding down on Wall Street. Shares fell during a low-volume session on Monday as investors weighed new Covid developments from China, comments from a Fed official (see below), and Disney̵[ads1]7;s sudden CEO change. Tuesday brings a little more action, though it probably won’t be enough to go with the illness until Turkey Day. Best buy, Nordstrom, Dick’s, Dollar tree and HP are all slated to report earnings, while several Fed speakers are also on tap. Read live market updates here.

2. Not there yet

5 things to know before the stock market opens on Tuesday 22 November

The Federal Reserve has made some progress in the fight against inflation, but it is too soon to stop raising interest rates, Cleveland Fed President Loretta Mester told CNBC on Monday. “We’re going to have more work to do, because we need to see inflation really on a sustainable downward path back to 2%,” she said in a live interview on “Closing Bell.” Investors and Fed watchers expect the central bank’s policymakers to raise interest rates again in December, albeit by just half a percentage point after four consecutive three-quarter point hikes. Mester said she supports slowing down the pace of the increases. “We’re still going to raise the funds rate, but we’re at a reasonable point now where we can be very deliberate in setting monetary policy,” she said. Kansas City Fed President Esther George and St. Louis Fed President James Bullard are scheduled to speak Tuesday.

3. Iger gets the right to it

Disney Chairman Bob Iger arrives at the Allen & Company Sun Valley Conference on July 6, 2021 in Sun Valley, Idaho.

Kevin Dietsch | Getty Images

Bob Iger, the old one Disney The CEO, who is now the new Disney boss, is already making moves to reverse two of the most consequential decisions made by his predecessor, Bob Chapek. In a memo Monday, less than 24 hours after he was rehired, Iger told employees to get ready for a reorganization of the company’s Disney Media & Entertainment Distribution unit, which Chapek created. DMED, as it is known at Disney, angered executives and employees on the creative side of the business who had grown accustomed to having budgetary power over projects. Chapek’s structure changed things so that all the big decisions would go through DMED chief Kareem Daniel, his right-hand man. Now Daniel is out too, Iger said in Monday’s memo. “No doubt elements of DMED will remain, but I fundamentally believe that storytelling is what drives this company, and it belongs at the center of how we organize our businesses,” the CEO wrote.

4. Bad times for bitcoin

The collapse of FTX has sent shock waves through the cryptocurrency industry. The price of bitcoin and other major digital coins has fallen sharply as problems emerged at FTX.

Jakub Porzycki | Nurphoto | Getty Images

Bitcoin fell to its lowest point in two years on Tuesday, as the crypto market reels from the bankruptcy of FTX and fears of potential contagion. Bitcoin hit $15,480, its lowest point since November 11, 2020, according to CoinDesk. The collapse of FTX has only exacerbated the decline in crypto this year. The entire crypto market has lost around $1.4 trillion during 2022 after breaking records last year. There are signs that things could get worse. Asset manager Grayscale, which runs the world’s largest bitcoin fund, said it will not share its proof of reserves with clients due to “security concerns.”

Read more: Sam Bankman-Fried tries to mediate FTX rescue from his home in the Bahamas

5. Darkness and cold in Ukraine

Residents of Kherson receive humanitarian aid waiting after dark as the city has been without electricity or water since the Russian retreat on November 16, 2022 in Kherson, Ukraine.

Paula Bronstein | Getty Images News | Getty Images

Large areas of Ukraine could be left without power for months following persistent Russian attacks on the country’s infrastructure. Millions may be evacuated from vulnerable areas as colder weather sets in. “The devastating energy crisis, the deepening mental health crisis, restrictions on humanitarian access and the risk of viral infections will make this winter a formidable test for the Ukrainian health system and the Ukrainian people, but also for the world and its commitment to support Ukraine, ” said World Health Organization official Hans Kluge. Read live war updates here.

– CNBC’s Alex Harring, Jeff Cox, Alex Sherman, Lillian Rizzo, Sara Salinas, Arjun Kharpal and Holly Ellyatt contributed to this report.

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