5 things to know before the stock market opens Monday – CNBC
Here are the most important news items that investors need to start their trading day:
1. Second day of gains?
Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City.
Michael M. Santiago | Getty Images
Stock futures rose Monday morning, looking to building on Friday’s gains — which marked the first real rally of 2023. On Friday the Dow surged 700 points, more than 2%. The S&P 500 added 2.28% and the Nasdaq Composite advanced 2.56%. Investors are hopeful the Federal Reserve is finished with its most aggressive action to bring down inflation, after data at the end of last week suggested the U.S. economy might be cooling off. This Thursday, Wall Street will get the latest consumer price index readout, and the major banks report earnings on Friday. Read CNBC’s live markets coverage here.
2. McCarthy sets an agenda
Representative Kevin McCarthy, a Republican from California, stands under a Speaker of the House sign outside his office after becoming House speaker following a meeting of the 118th Congress at the US Capitol in Washington, DC, US, Saturday, Jan. 7, 2023.
Al Drago | Bloomberg | Getty Images
The House finally has a speaker. Kevin McCarthy secured enough support to win a 15th vote in the early hours of Saturday morning, and he wasted no time in setting out an agenda for his time leading the chamber. McCarthy promised to pursue conservative, America-first initiatives, including cutting funding to the IRS and tackling what he called “America-last” energy policies. He also plans to tackle issues such as debt, immigration and U.S. relations with China.
3. Brazil turmoil
BRASILIA, BRAZIL – JANUARY 08: Supporters of former President Jair Bolsonaro clash with security forces as they raid the National Congress in Brasilia, Brazil, 08 January 2023. Groups shouting slogans demanding intervention from the army broke through the police barrier and entered the Congress building, according to local media. Police intervened with tear gas to disperse pro-Bolsonaro protesters. Some demonstrators were seen climbing onto the roofs of the House of Representatives and Senate buildings. (Photo by Joedson Alves/Anadolu Agency via Getty Images)
Anadolu Agency | Anadolu Agency | Getty Images
Supporters of former Brazil President Jair Bolsonaro stormed government buildings on Sunday to protest his election defeat and attempt to overthrow the new regime, spurring chaos and sending stocks in South America’s largest economy lower. Bolsonaro’s supporters stormed the country’s Congress, Supreme Court and presidential palace, refusing to accept the result of an October election that saw leftist Luiz Inácio Lula da Silva come out ahead of the …….