Home Business 5 things to know before the stock market opens Tuesday, January 10

5 things to know before the stock market opens Tuesday, January 10

5 things to know before the stock market opens Tuesday, January 10

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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 expected to cut 6.5% of employees

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 his handpicked successor, Bob Chapek. “As you’ve heard me say many times, creativity is the heart and soul of who we are and what we do at Disney,” Iger wrote to employees. “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 to grow professionally by learning from leaders and mentors.”

4. Bed Bath and bankruptcy?

A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.

Johnny Milano | Bloomberg | Getty Images

Bed Bath & Beyond might not have much time left. Last week, just days before the beleaguered retailer was slated to report quarterly earnings, the company pre-announced many results while warning that it could soon seek bankruptcy protection. Bed Bath, which reported quarterly earnings Tuesday, has warned that it was running out of cash quickly as sales fell more than expected. Its losses grew, as did its issues with getting merchandise on shelves. Tuesday’s report could shed even more light on what’s going on at the company, including what’s next, as its turnaround strategy sputters out. Read more from CNBC’s Melissa Repko and Gabrielle Fonrouge here.

5. Russia makes advances, pounds Ukraine

Ukrainian rescuers work on a site following a Russian missile strike on a local market in Shevchenkove village, Kharkiv region, on Jan. 9, 2023.

Sergey Bobok | Afp | Getty Images

And one more thing …

Inglewood, CA – January 09: Quarterback Stetson Bennett #13 of the Georgia Bulldogs reacts after a touchdown against the TCU Horned Frogs in the first half in the CFP National Championship Football 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 | Medianews Group | Getty Images

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