5 things to know before the stock market opens Tuesday – CNBC
Traders on the floor of the NYSE, Jan. 5, 2023.
Source: NYSE
Here are the most important news items that investors need to start their trading day:
1. A little momentum
The Nasdaq put together its second straight day of gains Monday, even as the Dow and the S&P 500 slipped. The tech-heavy Nasdaq struggled mightily last year, dragged down by large declines in stocks like Tesla. Could this year, however, bring a substantial turnaround? One classic indicator suggests that stocks, overall, are in for a good year. Simply, it’s that the S&P 500 has done well after the first five trading days of the year – up 1.1% so far – and that could portend a positive 2023. Tuesday could test the market’s momentum, though, with Fed Chairman Jerome Powell slated to speak. Read live markets updates here.
2. Goldman laying off 3,200
Goldman Sachs is set to lay off up to 3,200 employees this week, a warning sign that Wall Street is preparing for leaner times this year. There’s a slight silver lining, though: Those 3,200 jobs represent about 6.5% of the big bank’s workforce, while Goldman was expected to cut up to 8% of its employees. Still, that doesn’t mean Goldman and Wall Street in general are done with layoffs. Banking executives want to see what happens in the first quarter, particularly whether the economy enters a recession. So more cuts could be on the way in February or March.
3. Iger says get back to the office
Bob Iger, former CEO, The Walt Disney Company
Scott Mlyn | CNBC
The new year brought tougher return to office requirements for many companies and their employees, with bosses calling for hybrid schedules that include coming in two or three days a week. There is no exception at Disney, where CEO Bob Iger told corporate workers they must come to the office at least four days a week, starting March 1. Iger is also looking to set a new tone at Disney, about two months after he returned to the chief executive’s office following the sudden firing of …….