Traders work on the floor of the New York Stock Exchange (NYSE) in New York, November 10, 2022.
Brendan McDermid | Reuters
Here are the most important news investors need to start their trading day:
1. Bounce back?
Wall Street is looking to recover from Monday’s debacle as investors watched protests in China against the government’s crackdown on Covid. China’s economy is already poised to falter due to President Xi Jinping’s “zero Covid” policy, which is heavily dependent on mass lockdowns, and the riots will create new levels of uncertainty for the country of 1.4 billion people, as well as global markets. . This week, investors are also preparing to digest a new wave of earnings reports (Hewlett Packard Enterprise reports after the call on Tuesday) and the November employment report, which comes out on Friday. Read live market updates here.
2. Musk vs. Apple
SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming conference in Los Angeles, California on June 13, 2019.
Mike Blake | Reuters
Now Elon Musk wants to take over Apple. On Monday, a Twitter owner tweeted that the iPhone maker had threatened to download its social networking app from its App Store, which if it did, would destroy one of Twitter’s main distribution channels. Apple declined to comment on Musk’s claims. However, for all his talk of free speech and censorship, Musk’s main gripe with Apple is likely to be about money, not self-expression. The billionaire also took aim at Apple’s policy requiring app makers to pay the company between 15% and 30% for digital goods sold through their apps. Musk, looking to find a source of income for Twitter as advertising dollars have dried up, wants to charge fees for subscriptions to certain services on Twitter.
3. Disney has a moratorium on hiring
Disney World’s Magic Kingdom in Orlando, Florida.
Joe Radle | News Getty Images | Getty Images
Bob Iger made a spectacular comeback on Monday Disney site in Burbank, California, where he hosted his first town hall since he was rehired as CEO just over a week ago. He spent a lot of time focusing on the company’s culture, which many at Disney felt suffered under previous CEO Bob Chapek, and touting its creativity. But Iger also spoke about the smallest steps that will affect the day-to-day operation of the company. Iger said that Disney would maintain Chapek’s hiring moratorium and that he would take a closer look at the company’s cost structure. Čapek, in a cost-cutting memo he sent a few days before he was fired, indicated that the layoffs would be part of that process. Now it’s up to Aiger, who has won the favor of the employees, to make that call.
Read more: Iger addresses the implications of ‘Don’t Say Gay’ and the importance of LGBTQ inclusion
4. BlockFi Files for Bankruptcy
Another one is crushed to dust. BlockFi on Monday became the latest crypto firm to go bankrupt as the fallout from FTX’s failure spreads. The company has already put withdrawals on hold and warned of its reliance on FTX and subsidiary trading firm Alameda Research. BlockFi’s bankruptcy filing on Monday noted that it has a $275 million outstanding loan to FTX US, the US arm of FTX. Previously valued at $4.8 billion, BlockFi avoided bankruptcy in July with a $400 million revolving line of credit from FTX, whose founder Sam Bankman-Freed called himself a crypto white knight. However, that all came crashing down earlier this month when FTX itself filed for bankruptcy.
5. Cold reality of Ukraine
Destroyed Russian equipment and tanks on Mikhailovskaya Square on November 19, 2022 in Kyiv, Ukraine. Millions of Ukrainians are facing severe power outages after recent waves of Russian missiles and drone strikes have reportedly left nearly half of Ukraine’s energy infrastructure down and in need of repair due to plummeting temperatures.
Jeff J. Mitchell | News Getty Images | Getty Images
It’s getting colder and colder in Ukraine, with temperatures forecast to drop below freezing this week as the country battles massive power outages and other infrastructure disruptions caused by Russian missile strikes. Now the United States and other NATO members are under pressure to support Ukraine behind the lines in addition to supplying weapons to the battlefield. “President Putin is trying to use winter as a weapon of war,” NATO Secretary General Jens Stoltenberg said on Tuesday, promising to help Ukraine through the next few difficult months. Read news about the war live here.
– Sara Min of CNBC, Keefe Leswing, Alex Sherman, Mackenzie Cigalos, Rohan Goswami, Lillian Rizzo and Holly Ellatt contributed to this report.
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