Table of Contents
Traders work on the floor of the New York Stock Exchange (NYSE) on November 29, 2022 in New York City.
Spencer Platt | Getty Images
Here are the most important news items that investors need to start their trading day:
1. Rate hike watch
Federal Reserve Chair Jerome Powell is scheduled to speak at the Brookings Institution today, and investors will be listening for any clues on whether the central bank will slow or stop interest rate hikes. After four straight 0.75 percentage point increases to tame high inflation, many expect a smaller 0.5 percentage point increase at the Fed’s meeting next month. A pause in rate hikes, or a pivot, would likely send markets higher. Stock futures were up ahead of Powell’s speech and as the market awaited other economic data expected Wednesday, including the ADP private payrolls report and the Job Openings and Labor Turnover Survey.
2. Tesla’s market share shrinks
Visitors learn about a Tesla model S at the auto exhibition area of the 5th China International Import Expo in Shanghai, China, November 7, 2022.
CFOTO | Future Publishing | Getty Images
As the electric vehicle market gets more crowded, Tesla’s dominance in the U.S. is eroding. The company’s cars accounted for 65% of new registered electric vehicles through the third quarter, down from 71% last year and 79% in 2020, according to S&P Global Mobility. By 2025, the firm forecasts that figure will drop to less than 20%. Despite the declines, Tesla’s sales volume is still expected to increase in coming years as EVs grow in popularity. And there’s plenty of room for growth. Right now, electric models account for just 5.1% of the more than 10 million vehicles registered in the U.S.
3. Rail strike deadline ahead
CSX Transportation freight trains sit parked in a railroad yard in September during the initial threat of a potential freight rail workers union strike.
The Washington Post | The Washington Post | Getty Images
4. Kroger, Albertsons CEOs in the hot seat
Albertsons and Kroger supermarkets
Bridget Bennett | Bloomberg | Getty Images; Brandon Bell | Getty Images
5. Hope for BlockFi?
In this photo illustration, the BlockFi logo seen displayed on a smartphone.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Lawyers for crypto lender BlockFi expressed optimism that the firm is in a good position to salvage its business. A day after filing for Chapter 11 bankruptcy protection, BlockFi lawyers said at a court hearing Tuesday that the company plans to reopen withdrawals as part of an effort to “maximize client recoveries.” The company’s collapse was precipitated by exposure to Alameda Research, the FTX trading arm that borrowed hundreds of millions of dollars from BlockFi, and to Three Arrows Capital, which filed for bankruptcy protection in July. Exposure to both firms prompted client withdrawals, but lawyers said it was FTX’s plan to acquire BlockFi that ultimately led it into bankruptcy proceedings.
— CNBC’s Carmen Reinicke, Michael Wayland, Lora Kolodny, Lori Ann LaRocco, Melissa Repko, Rohan Goswami and MacKenzie Sigalos contributed to this report.
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