Lael Brainard, vice president of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, November 14, 2022.
Andrew Harrer | Bloomberg | beautiful pictures
Here are the most important news items investors need to start their trading day:
1. Fed speaks in the limelight
Stocks fell on Monday, breaking a two-day streak of strong gains following better-than-expected inflation data. However, will it be enough to halt the momentum for another good month? What Federal Reserve officials say as they munch on a new batch of economic data will likely have a lot to do with it. On Monday, we got a taste of this push and pull. Fed Vice Chairman Lael Brainard was more dovish about the possibility of easing interest rate hikes, which the central bank is using to fight inflation, while Fed Governor Christopher Waller said the market was ahead of policy it. Get ready for the Fed to say more. Philadelphia Fed President Patrick Harker, Fed Governor Lisa Cook and Fed Vice President of Supervisors Michael Barr are all set to speak on Tuesday. Read live market updates here.
2. Walmart’s Grocery Advantage
The assortment in Walmart’s beef division reflects changing consumer preferences, as many of them opt for higher-quality cuts of meat.
Melissa Repko | CNBC
Just like other retailers, Walmart has faced rising inflation, changing customer behavior and excessive inventory of unwanted inventory. But the nation’s largest retailer also has a trump card: It’s also the nation’s largest grocery store. That strength has helped the company exceed expectations in Tuesday quarterly earnings report. Walmart also raised its outlook for the year as the year-end shopping season kicks in and it has made more progress in dealing with its excess inventory. While grocery stores offer smaller profit margins, Walmart’s reputation for larger discounts has attracted grocery shoppers during this time of high inflation, including those who buy groceries. new customers and higher income customers. And, Walmart said Tuesday, its grocery market share increased last quarter.
3. G-20 criticizes Ukraine invasion
Russian Foreign Minister Sergei Lavrov arrives at the G-20 Foreign Ministers’ Meeting in Indonesia.
Image Alliance | Image Alliance | beautiful pictures
The leaders of the G-20, including the world’s largest economies, are set to condemning Russia’s invasion of Ukraine, even as Russian Foreign Minister Sergei Lavrov attended the meeting in Indonesia. “Most of the members strongly condemn the war in Ukraine and emphasize that it is causing enormous human suffering and exacerbating existing uncertainties in the global economy – inhibiting economic growth. growth, increasing inflation, disrupting supply chains, increasing food and energy insecurity, and increasing financial stability risks,” a joint statement read. draft joint statement said. Meanwhile, Moscow was upset that the Ukraine war took center stage at the summit. Read live war updates here.
4. Home Depot and Inflation
A Home Depot store in Hyattsville, Maryland, on February 22, 2022.
Stefani Reynolds | AFP | beautiful pictures
warehouse at homequarterly results of beat on the top and bottom lines on Tuesday as the home improvement streak is closely watched sales growth report compared with the same period last year. The company also stuck with its prospects. “We posted another solid performance in the third quarter, driven by strength in project-related categories across the business,” said CEO Ted Decker. On a more granular level, however, we can see the impact of four decades of high inflation. Average ticket prices rose nearly 9% to $89.67, and retail sales per square foot increased more than 5% to $618.50. But total customer transactions for the quarter fell more than 4% to 409.8 million. We should learn more at 9 a.m. ET, when Home Depot holds an earnings conference call.
5. A million creditors?
Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.
Lam Dich | Bloomberg | beautiful pictures
Cryptocurrency exchange FTX collapse may have more than a million creditors, the attorneys said in a new filing in the company’s Chapter 11 bankruptcy. For comparison, on Friday, when FTX first filed, it said it had more than 100,000 creditors. The updated profile isn’t all that good either for Sam Bankman-Fried, the founder of FTX, who stepped down as CEO last week when the cryptocurrency hit fans. “Questions arise about Mr. Bankman-Fried’s leadership and FTX’s handling of complex assets and businesses under his direction,” the lawyers wrote. Another Bankman-Fried company, Alameda Research, borrowed billions of dollars in customer funds from FTX to ensure they could process withdrawals, CNBC previously reported.
– Carmen Reinicke, Melissa Repko, Silvia Amaro, Lillian Rizzo and Ryan Browne of CNBC contributed to this report.
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