A trader works on the trading floor of the New York Stock Exchange (NYSE) on December 14, 2022 in New York City, USA.
Andrew Kelly | Reuters
Here is the key news investors need to start their trading day:
1. Holiday Blues
US stock markets have been on their first two-week losing streak since September. The December funk is the result of near-term uncertainty about the economy – will there be a recession or not? – and certainty about the Federal Reserve’s commitment to raising interest rates to fight inflation. “The market is in a tug-of-war between better-than-feared economic data and concerns about the Fed’s potential to tighten monetary policy and push the economy into recession,” B. Riley strategist Art Hogan wrote in a note Friday. This week, investors will get some more clues about the economy and the state of consumers since Nike and FedEx both report from Tuesday. Read live markets updates here.
2. SBF will probably refrain from extradition
FTX founder Sam Bankman-Fried (2nd L) is taken away in handcuffs by officers from the Royal Bahamas Police Force in Nassau, Bahamas, December 13, 2022.
Mario Duncanson | AFP | Getty Images
It looks like disgraced crypto kingpin Sam Bankman-Fried is coming home after all. The founder of bankrupt exchange FTX is expected to give up his extradition fight in the Bahamas on Monday to face federal prosecutors and other cases in the United States. Bankman-Fried was scheduled to remain in a Bahamian jail until his next hearing in February. Federal prosecutors have charged him with wire fraud, securities fraud, conspiracy to defraud the United States and money laundering, meaning he could face decades in prison if convicted.
3. Musk loses his own Twitter poll
If he keeps his word, Elon Musk’s time as CEO will end Twitter could get up soon. “Should I resign as head of Twitter? I will abide by the results of this poll,” the billionaire tweeted on Sunday. The poll expired Monday morning and showed, by a wide margin, that Twitter users wanted him to resign. The company has been in turmoil since Musk bought it for $44 billion and privatized it in October. The bigger concern for Musk, however, is the negative attention he’s brought to himself and the impact it’s had on his most important company. Teslawhose share price has suffered this year.
4. Mystery at Sea
Avatar: The Way of Water
Courtesy of Disney Co.
Will “Avatar: The Way of Water” unleash a torrent of revenue for the Disney? Or will it wash away? Even after the James Cameron sequel’s first weekend at the box office, it’s hard to tell. The three-hour sci-fi fantasy epic has grossed $134 million domestically over its first frame, which is a large amount but still falls short of expectations. However, audiences gave it high marks and tended to see it in more exclusive, more expensive formats. In fact, Disney and Cameron have made it clear that this film is best viewed in 3D on the biggest screen possible. The Christmas-New Year’s week will largely determine how big “The Way of Water” will be. After all, the first Avatar (the highest-grossing film of all time) and this year’s Top Gun: Maverick (the biggest film of 2022) proved that a movie doesn’t have to have the biggest opening weekend to be a box-office hit Monster.
Continue reading: 12 media executives anonymously predict the big stories of 2023
5. The drone nightmare continues
A woman cries in front of the building destroyed by a Russian attack on Friday, December 16, 2022, in Kryvyi Rih, Ukraine.
Evgeny Maloletka | AP
Russian drones again attacked Kyiv, targeting critical infrastructure before dawn on Monday. It is the third airstrike on the Ukrainian capital in six days and three areas in the region are without power, according to Governor Oleksiy Kubela. Elsewhere, the Russian ruble fell to a more than six-month low against the dollar, hampered by concerns about the country’s export earnings amid sanctions and lower oil prices. Read live war updates here.
And something else …
Argentina’s captain and No.10 forward Lionel Messi (C) lifts the FIFA World Cup trophy onto the stage as he celebrates with his team-mates after beating the Qatar 2022 World Cup final at Lusail Stadium in Lusail, north of Doha in December Argentina and France won on 18th, 2022.
Kirill Kudryavtsev | AFP | Getty Images
This is how the biggest sporting event in the world should end. Two of the world’s best teams, superstar Lionel Messi’s Argentina and defending champions France put on a spectacular show at Sunday’s World Cup final in Qatar. After two amazing comebacks by France in regular time and extra time, in a 3-3 draw, Argentina won the title with a 4-2 lead on penalties.
– CNBC’s Samantha Subin, Rohan Goswami, MacKenzie Sigalos, Lora Kolodny, Ashley Capoot, Sarah Whitten, and Karen Gilchrist contributed to this report.
— Follow broader market action like a pro on CNBC Pro.
Comments are closed.