5 things to know before the stock market opens Tuesday, November 29

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, Nov. 10, 2022.

Brendan McDermid | Reuters

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

1. Come back?

Wall Street is looking for a rebound after Monday’s rout, which came as investors watched protests in China against the government’s tough anti-Covid measures. China’s economy is already reeling due to President Xi Jinping’s “zero Covid” policy, which relies heavily on mass quarantines, and mass unrest will create a new level of uncertainty for the nation of 1.4 billion people, as well as global markets. . . This week, investors are also preparing to digest a new wave of earnings reports (Hewlett Packard Enterprise reports after the bell on Tuesday) and the November jobs report, which comes out on Friday. Read live market updates here.

2. Musk vs

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Now Elon Musk wants to win The night. The Twitter owner tweeted on Monday that the iPhone maker threatened to boot its social media app from its App Store, which if it did, would kill one of Twitter’s main distribution channels. Apple declined to comment on Musk’s claims. For all his talk about speech and censorship, however, Musk’s main issue with Apple is likely more about money than expression. The billionaire also took aim at Apple’s policy that requires app makers to pay the company a 15% to 30% cut on digital goods sold through their apps. Musk, looking to find a source of revenue for Twitter as advertising dollars have dried up, wants to charge subscription fees for some of Twitter’s services.

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3. Disney ice cream cones

Disney World’s Magic Kingdom in Orlando, Florida.

Joe Raedle | Getty Images News | Getty Images

Bob Iger put a smile on his face on Monday Disney many in Burbank, California, where he held his first town hall since he was rehired as CEO just a week ago. He spent a lot of time focusing on the company’s culture, which many at Disney felt had suffered under former CEO Bob Chapek, and touted its creative strengths. But Iger also talked about drastic moves that will affect the company’s day-to-day operations. Iger said Disney will keep in place the hiring cuts implemented by Chapek, and that he will take a good look at the company’s cost structure. Chapek, in a cost-cutting memo sent days before he was fired, indicated layoffs would be part of the process. Now it’s up to Iger, who has built a strong following among the staff, to make the call.

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Read more: If focuses on the results of ‘Don’t Say Gay’, the importance of LGBTQ inclusion

4. BlockFi files for bankruptcy

Ether tanks after BlockFi files for bankruptcy, and firm prepares bids for Voyager: CNBC Crypto World

Another is biting the dust. BlockFi became the latest crypto firm to fail on Monday, as the fallout from the FTX debacle spreads. The company had previously suspended withdrawals and warned that FTX and sister trading company Alameda Research. BlockFi’s bankruptcy filing on Monday indicated that it owes $275 million to FTX US, the US unit of FTX. Previously valued at $4.8 billion, BlockFi avoided bankruptcy in July with the help of a $400 million revolving credit facility from FTX, whose founder, Sam Bankman-Fried, described himself as a crypto white knight. That all came crashing down earlier this month, however, as FTX itself filed for bankruptcy.

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5. The cold truth of Ukraine

On November 19, 2022, Russian vehicles and tanks were destroyed in Mykhailivska Square in Kyiv, Ukraine. Millions of Ukrainians are facing severe power outages after recent waves of Russian missile and drone attacks have reportedly left nearly half of Ukraine’s energy infrastructure crippled and in need of repair, as temperatures plummet.

Jeff J Mitchell | Getty Images News | Getty Images

It’s getting colder and colder in Ukraine, with temperatures expected to drop below freezing this week, as the country deals with widespread fires and other infrastructure failures caused by Russian missile strikes. Now the pressure is on the United States of America and the rest of NATO to support Ukraine on the domestic front, in addition to providing weapons for the battlefield. “President Putin is trying to use winter as a weapon of war,” NATO Secretary General Jens Stoltenberg said Tuesday, pledging to help Ukraine in the coming months. Read live battle updates here.

– CNBC’s Sarah Min, Kif Leswing, Alex Sherman, MacKenzie Sigalos, Rohan Goswami, Lillian Rizzo and Holly Ellyatt contributed to this report.

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