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

Turkey’s National Day Parade 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 investors need to start their trading day:

1. All July

It’s the day before Thanksgiving, so Americans are more focused on visiting relatives or preparing their homes for the big meal, but there’s still plenty to watch. The Federal Reserve is scheduled to release minutes from its next meeting, which could give investors more to think about as they play out the next few rate hikes. Unemployment numbers and mortgage application data are also on the menu for Wednesday. U.S. stock markets are also emerging positive on Tuesday, as investors look for more momentum as the holiday shopping season tempts both retailers and consumers. US markets are closed on Thursday and will close early on Friday. Read live market updates here.

2. HP joins the trend of cutting technology

Enrique Lores, CEO, HP

Scott Mlyn | CNBC

Computer company HP Inc. It said Tuesday it will 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 showed a 13% year-over-year decline in revenue for its business segment, which includes PCs. The company’s plans come after other tech companies, such as Facebook parent Meta, Salesforce and Amazon, all said they would cut jobs as their businesses faced a sharp drop in demand from earlier days during the Covid pandemic. include

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3. New York law targets bitcoin mining

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

Andrew Kelly | Reuters

New York Governor Kathy Hochul signed legislation on Tuesday that imposes a two-year moratorium on certain types of carbon-intensive bitcoin mining. 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 comes amid environmental concerns over the amount of computing power used to mine bitcoin, while also coming at a time of chaos and upheaval in the crypto industry following the sudden collapse of Sam Bankman-Fried’s FTX.

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4. How many people were killed in the Walmart shooting

At least seven people, including the gunman, are dead after a massacre at a Walmart store in Chesapeake, Virginia, on Tuesday, officials said. The company said it was “shocked” by the crime. “We are working closely with law enforcement, and we are focused on supporting our partners.” Walmart said on Twitter. It’s the second mass shooting in as many days, following a gun attack at an LGBTQ nightclub in Colorado over the weekend. The Walmart blast also came as people were stocking up on last-minute items for Thanksgiving Thursday meals — and days before shoppers flock to stores to take advantage of Black Friday deals.

5. Biden extended the student loan moratorium

President Joe Biden’s administration said Tuesday it has extended the freeze on federal student loan repayments until June, or sooner if the courts allow Biden’s student loan forgiveness program to go into effect. A federal appeals court last week blocked the plan, which offers up to $20,000 in loan forgiveness, in a nationwide order. “We are extending the moratorium because it would be very unfair to ask borrowers to pay a loan that they would not be able to pay, if not for baseless lawsuits by Republican officials and special interests,” said Education Secretary Miguel Cardona. he said on Tuesday.

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

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