Here are the most important news items that investors need to start their trading day:
1. Stocks looking for stability
Traders on the floor of the New York Stock Exchange on June 28, 2022.
Source: NYSE
Equity markets’ attempt to build on last week’s momentum has failed so far this week. the promise was slightly changed Wednesday morning Following Tuesday’s route. The S&P 500 is on the verge of completing its worst first half of a year since 1970. Earnings season is about to come, but companies like Nike have already warned that persistent problems like inflation and supply chain disturbances are weighing in. performance of companies.
2. Fed’s Meister on July Rate Hike
Cleveland Federal Reserve President and CEO Loretta Meester delivers her keynote address at the 2014 Financial Stability Conference on December 5, 2014 in Washington.
Gary Cameron | Reuters
Federal Reserve Bank of Cleveland Chair Loretta Meester, a polling member of the Fed’s policy-making panel, said she could push for a bigger rate hike next month. “If the situation had been exactly as they were going into that meeting today – if the meeting was today – I would have advocated 75, because I haven’t seen the kind of numbers on the inflation side that I need to see to see that.” Looks like we can go back to 50 increments,” she said. An interview with CNBC’s Annette Weisbach, Investors will also take note of comments Wednesday by Fed Chairman Jerome Powell, who is speaking at a European Central Bank forum.
3. Bed Bath & Beyond CEO’s Departure
Bed Bath and Beyond CEO Mark Tritton
credit: Bed Bath & Beyond
bed Bath and Beyond announced a leadership shakeup Struggle continues as the home goods retailer looms large, including the departure of CEO Mark Tritton on Wednesday morning. Sue Gove, an independent director on the board, will serve as interim chief executive. “We must deliver better results,” she said in a news release. The company, which has faced pressure from active investor Ryan Cohen, also reported quarterly results that fell well short of Wall Street’s expectations. Shares fell more than 10% in premarket trading.
4. Data outside China
For more than two years, foreign travelers have been quarantined on arrival in China due to the COVID restrictions. Passengers wait to be taken to quarantine-designated destinations, pictured here at Beijing International Airport on June 18, 2022.
Leo Ramirez | AFP | Getty Images
Tighter COVID restrictions and lockdowns in China hit the country’s economic growth during the second quarter, according to a new report, Various sectors, including transportation and services, faced a slowdown, according to the US-based China Beige Book, which said it conducted more than 4,300 interviews in China during the three-month period. According to the study, hiring slowed, and likely won’t pick up again unless the Chinese government provides further impetus to the decline.
5. Disney Extends Chapek’s Deal
Bob Chapek, CEO of Disney at Boston College’s Chief Executives Club, November 15, 2021.
Charles Krupa | AP
Disney CEO Bob Chapek will be sticking around, at least for a while, while pursuing his goal of massive customer growth for Disney+. His contract was due to expire in February of the following year, but the board voted unanimously. To expand your deal, Chapek has faced his fair share of controversies and turmoil during his relatively short time in the top post. He has faced criticism for his reaction to Florida’s so-called “Don’t Say Gay” law, and the company’s stock price is down 38% so far this year. Chapek also had a tough task to follow after taking over the reins from longtime popular CEO Bob Iger, who oversaw Disney’s acquisitions of the Pixar, Marvel, and Star Wars brands.
— CNBC’s Samantha Subin, Elliot Smith, Melissa Repko, Evelyn Cheng and Sarah Whitten contributed to this report.
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