5 things to know before the stock market opens on Tuesday

5 things to know before the stock market opens on Tuesday

Traders on the floor of the New York Stock Exchange, January 5, 2023.

Source: NYSE

Here are the top stories investors need to start their trading day:

1. A little bit of momentum

The Nasdaq collected gains for a second day in a row Monday, even as the Dow Jones and S&P 500 fell. The tech-heavy Nasdaq has struggled mightily in the past year, hurt by big declines in stocks such as Tesla. However, could this year bring about a major turnaround? One classic indicator is that, in general, stocks have been performing for a good year. Simply put, the S&P 500 has been doing well after its first five trading days of the year – up 1.1% so far – and that could herald a positive 2023. Tuesday could test the market’s momentum, though, with Federal Reserve Chairman Jerome Powell set to speak. Read live markets updates here.

2. Goldman 3200 layoff

Goldman Sachs It is set to lay off as many as 3,200 employees this week, a warning sign that Wall Street is preparing for lower volume times this year. There is, however, a slight upside: Those 3,200 jobs represent about 6.5% of the large bank’s workforce, while Goldman was expected to cut up to 8% of its staff. However, that doesn’t mean that Goldman and Wall Street in general are done with layoffs. Banking executives want to know what happens in the first quarter, particularly if the economy enters a recession. So there may be more cuts on the way in February or March.

3. Egger says go back to the office

Bob Iger, former CEO of The Walt Disney Company

Scott Millian | CNBC

The new year has brought stricter return-to-office requirements for many companies and their employees, with bosses demanding mixed schedules that include coming in two or three days a week. There is no exception in Disney, where CEO Bob Iger told the company’s employees that they must come to the office at least four days a week, starting March 1. The sudden dismissal of his chosen successor, Bob Chapek. “As you have heard me say many times, creativity is the heart and soul of who we are and what we do at Disney,” Iger wrote to the staff. “And in a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together, nor the opportunity for professional growth through learning from leaders and mentors.”

4. Bed and bathroom bankruptcy?

A “Store Closed” sign is seen on the Bed Bath & Beyond store in Farmingdale, New York, on Friday, January 6, 2023.

Johnny Milano | bloomberg | Getty Images

bed bath behind There may not be much time left. Last week, just days before the beleaguered retailer reported quarterly earnings, the company pre-announced several results while warning that it could soon seek bankruptcy protection. Bed Bath, which is due to report earnings on Tuesday morning, warned it was running out of cash quickly as sales fell more than expected. Its losses increased, as did its problems getting the goods on the shelves. Tuesday’s report could shed more light on what’s going on at the company, including what’s next, as its transformation strategy emerges. Read more from Melissa Rybko and Gabrielle Vonrog on CNBC here.

5. Russia advances, Ukraine pounds

Ukrainian rescue workers work at a site after a Russian missile attack on a local market in Shevchenkov village, Kharkiv region, January 9, 2023.

Sergei Bobuk | Afp | Getty Images

Russian forces have made “tactical progress” in their efforts to seize territory in the Donbass region. In particular, they aim to capture the town of Bakhmut, which, according to the British Ministry of Defense, appears to be Moscow’s “main direct operational objective”. Meanwhile, four civilians were killed and about 30 others were injured in the latest round of Russian missile strikes on the northeastern, eastern and southern regions of Ukraine, a senior official said. Read live war updates here.

And there is another thing…

ENGLEWOOD, CA – JANUARY 09: Quarterback Stetson Bennett #13 of the Georgia Bulldogs responds after a touchdown against the TCU Horned Frogs in the first half in the CFP National Football Championship game at SoFi Stadium in Inglewood on Monday, January 9, 2023. Photo by Keith Birmingham/MediaNews Group/Pasadena Star News via Getty Images)

Medianews Group / pasadena Star-news Via Getty Images | Media News Group | Getty Images

The college football season ended with a bang. The Georgia Bulldogs repeated as national champions by beating the underdog TCU Horned Frogs, 65-7, Monday night. According to the Associated Press, no team has ever scored more points in a national title game, dating back to the Bowl Championship Series debut in 1998.

— CNBC’s Tanaya Machel, Hugh Soon, Alex Sherman, Sarah Witten, Melissa Rybko, Gabrielle Vonrog, and Holly Elliott contributed to this report.

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