January 30, 2023

5 things to know before stock markets open on Thursday, December 23

Santa Claus gestures during the 96th annual Macy’s Thanksgiving Day Parade in Manhattan, New York City, United States, on November 24, 2022.

Brendan McDermidt | Reuters

Here are the most important news for investors to start their trading day:

1. Time to sled?

2. Micron cuts thousands of jobs

Semiconductor manufacturer MicronIt said it was squeezed by declining demand for personal computers Reduce its workforce by about 10%, when bonuses are withheld. That’s a few thousand employees, according to the company’s latest filing of about 48,000 employees. Micron announced the decision as it released its latest quarterly results and forward guidance, both of which fell below Wall Street’s expectations. “Over the past several months, we have seen a dramatic drop in demand,” CEO Sanjay Mehrotra said in prepared remarks.

3. SBF’s ex-colleagues are cooperating with the feds

In this illustration photo taken on November 14, 2022 in Krakow, Poland, the FTX logo displayed on a phone screen is seen through broken glass.

Jakub Porzycki/NurPhoto via Getty Images

With crypto exchange FTX collapsing and its founder and mastermind Sam Bankman-Fried being sued, you might be wondering why we haven’t heard from Gary Wang and Carolyn Ellison. If you doubt them Cooperates with Central Banks, you are right. On Wednesday night, FTX co-founder Wang and Ellison, who was co-CEO of sister firm Alameda Research, agreed to plead guilty to federal crimes while working with authorities on the fallen crypto case, federal prosecutors said. Company. The news broke when Bankman-Fried, aka SBF, was on a flight from the Bahamas to the United States to face his own case.

4. Zelenskyy praises US ‘investment’

Russian tyranny has lost control over us: Ukraine Press.  Volodymyr Zelenskyy

Ukrainian President Volodymyr Zelensky took Washington by storm on Wednesday. A successful visit. It was his first known excursion beyond Ukraine’s borders since Russia launched its unprovoked invasion of the former Soviet country in February. Zelensky’s trip to the US capital included a meeting and press conference with President Joe Biden at the White House and a 32-minute conversation in a joint session of Congress. “Thank you for the two financial packages that you have already given us and those that you are willing to decide on,” he told lawmakers, who are approving more than $44 billion in new aid to Ukraine. “Your money is not charity. It’s an investment in global security and democracy that we handle very responsibly.”

5. Home sales have fallen for 10 consecutive months

Existing home sales fall in November — 10th straight monthly decline

Another day, another harsh scrap of data from the housing market. October-November home sales fell 7.7% more than expected. Sales decline for tenth consecutive month. The sales reflect contracts signed in September and October, peaking before interest rates eased slightly in recent weeks. (Though they’re double what they were earlier this year.) “In essence, the residential real estate market froze in November, similar to the selling activity seen during the Covid-19 economic lockdowns in 2020,” he said. Lawrence Yun, chief economist for the National Association of Realtors.

– CNBC’s Samantha Subin, Kiff Lesswing, Mackenzie Sigalos, Rohan Goswami, Christina Wilkie, Chelsey Cox and Diana Olig contributed to this report.

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