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5 things to know before the stock market opens Wednesday, November 23

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The National Thanksgiving Turkey stands on the South Lawn of the White House in Washington, U.S., November 21, 2022.

Evelyn Hockstein | Reuters

Here are the most important news items that investors need to start their trading day:

1. All the trimmings

2. HP joins the tech layoff trend

Enrique Lores, CEO, HP

Scott Mlyn | CNBC

Computer company HP Inc. said Tuesday that it would lay off between 4,000 and 6,000 employees over the next three years as demand for personal computers weakens. The announcement came as HP released quarterly results that included a 13% year-over-year decline in revenue for its business segment that includes PCs. The comapny’s plans also came after other tech companies, such as Facebook parent Meta, Salesforce and Amazon, all said they would cut jobs as their businesses adapt to a steep decline in demand from earlier days in the Covid pandemic.

3. New York law targets bitcoin mining

New York Governor Kathy Hochul speaks during a New York Women “Get Out The Vote” rally ahead of the 2022 U.S. midterm elections, in Manhattan, New York City, November 3, 2022.

Andrew Kelly | Reuters

New York Gov. Kathy Hochul signed a law Tuesday that imposes a two-year moratorium on certain kinds of bitcoin mining that depend on carbon-based power. Hochul hailed the law as the first of its kind in the country, and, indeed, industry insiders told CNBC’s MacKenzie Sigalos that they think it could set off a domino effect. The measure confronts environmental concerns about the amount of computing energy used to mine bitcoin, but it also comes during a period of chaos and upheaval in the crypto industry due to the sudden collapse of Sam Bankman-Fried’s FTX.

4. Several killed in Walmart shooting

Authorities said at least seven people, including the shooter, are dead after a massacre Tuesday at a Walmart store in Chesapeake, Virginia. The company said it was “shocked” by the crime. “We’re working closely with law enforcement, and we are focused on supporting our associates,” Walmart said on Twitter. It’s the second mass shooting in days, following a gunman’s attack on a LGBTQ nightclub in Colorado over the weekend. The Walmart shooting also occurred as people were picking up last-minute items for Thursday’s Thanksgiving meals – and days before shoppers are expected to flock to stores to take advantage of Black Friday bargains.

5. Biden extends student loan pause

U.S. President Joe Biden speaks about student debt relief at Central New Mexico Community College Student Resource Center in Albuquerque, New Mexico, on November 3, 2022.

Getty Images | Saul Loeb

President Joe Biden’s administration Tuesday said it extended a pause on federal student loan payments through June, or before then if courts allow Biden’s student loan forgiveness program to go into effect. A federal appeals court last week halted the plan, which offers up to $20,000 in loan forgiveness, with a nationwide injunction. “We’re extending the payment pause because it would be deeply unfair to ask borrowers to pay a debt that they wouldn’t have to pay, were it not for the baseless lawsuits brought by Republican officials and special interests,” Education Secretary Miguel Cardona said Tuesday.

– CNBC’s Sarah Min, Jordan Novet, MacKenzie Sigalos and Annie Nova contributed to this report.

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