December 9, 2022

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

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

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

Brendan McDiarmid | Reuters

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

1. We can trade wholesale for you

2. Target holiday warning

The exterior of the Target store in Los Angeles, California before starting work on August 17, 2022.

Robin Beck | AFP | Getty Images

The good news? targeting Make a great deal of progress eliminating piles of unwanted goods. The bad news? The cost of doing so, through markdowns and other means, It severely affected its earnings last quarter, which resulted in a decline of nearly 50% year-over-year. The ugly news? Even with all of these clearance items, Target said it saw a slowdown in sales at the end of October that lasted into November. That forced the company to trim its forecast for the holiday shopping quarter — the most important time of year for retailers. After rival Wal-Mart’s positive earnings report Tuesday, the pressure on Target and CEO Brian Cornell is now more intense.

3. Amazon starts cutting jobs

Amazon CEO Andy Jassy speaks with CNBC’s Jon Fort.

CNBC

Amazon I started laying off employees .this week, after the media reported that the e-commerce giant would cut 10,000 jobs. The first wave of layoffs has hit the Alexa business and the company’s Luna cloud gaming unit, according to LinkedIn posts from employees who said they were affected by the moves. Amazon is also expected to cut headcount in its retail and HR organizations as well. The job cuts at Amazon come as other tech companies cut back, too. Twitter, Facebook, Salesforce and several other companies have all announced layoffs in recent weeks after significant growth during the days leading up to the pandemic.

4. A missile kills two people in Poland

Smoke billowing in the distance, amid reports of two explosions, is seen from Nowosciolki, Poland, near the border with Ukraine on November 15, 2022 in this image obtained from social media.

Stowarzyszenie Moje Nowosiolki | via Reuters

Rocket killed two people Tuesday in Poland, about 15 miles from the Ukrainian border, immediately raised fears that Russia’s war against its former Soviet neighbor could spill over into Europe. But NATO Secretary General Jens Stoltenberg said it was likely Because of a Ukrainian defensive missile. The Polish president, Andrzej Duda, also immediately sought to de-escalate the situation. “It was an isolated incident,” he said. There is no indication of more happening.” Read live war updates over here.

5. TRUMP IS RUNNING AGAIN, DESPITE EVERYTHING

Former US President Donald Trump speaks outside a polling station during the midterm elections in Palm Beach, Florida, November 8, 2022.

Ricardo Arduino | Reuters

Donald Trump, whose repeated false claims that the 2020 election was stolen inspired hundreds of his supporters to storm Congress in violent rebellion on January 6, 2021, is Run for president again. The twice-convicted former president’s announcement came after several of his favored candidates and fellow election deniers lost in last week’s midterm elections. Senior Republicans And other prominent figures in the Republican Party are distancing themselves from him, calling him a burden on the party. He is under federal criminal investigation into whether he illegally took and withheld highly sensitive national security documents from the government. His company, The Trump Organization, Criminal trial in New York. His other ventures include Truth Social’s parent, Trump’s media and technology group, It is also being investigated by state attorneys general and federal regulators.

— CNBC’s Samantha Sobin, Melissa Rybko, Annie Palmer, Ted Kemp, Holly Elliatt, Christina Wilkie and Brian Schwartz contributed to this report.

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