Know 5 things before the stock market opens on Friday


James Bullard in Jackson Hole, Wyoming.

David A. Grogan CNBC

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

1. Bullard and Bear

While the Federal Reserve has indicated it will raise interest rates in small increments, central bank officials remained firm in their insistence that inflation still has a long way to go. That has been a wet blanket for stocks this week. The latest comments weighing on markets came from St. Louis Fed President James Bullard. “So far, changes in the stance of monetary policy appear to have had only a limited impact on observed inflation, but market prices indicate that inflation is expected in 2023,” Bullard, a voting member of the Fed’s rate-setting committee, said Thursday. Stocks, in turn, slumped. Boston Fed President Susan Collins is scheduled to speak on Friday. Read live market updates here.

2. FTX low light

Sam Bankman-Fried, founder and CEO of FTX cryptocurrency derivatives exchange, speaks at the Institute of International Finance (IIF) Annual Membership Meeting on Thursday, October 13, 2022 in Washington, DC.

Ting Shen Bloomberg | Getty Images

“Never in my career have I seen such a complete failure of corporate control and complete absence of reliable financial information as occurred here.” John Ray III, FTX’s new CEO, said Thursday about the crypto exchange company that filed for bankruptcy. And he was the man who oversaw the bankruptcy of Enron, so this quote should tell you a lot. But wait, there’s more. Thursday’s filing also detailed some puzzling issues, including sloppy and unreliable accounting that required deep, investigative analysis; Examples of company funds being used to buy houses for employees; use of emojis to authorize spending; And FTX founder Sam Bankman-Fried’s Alameda Research and the crypto company have a much closer relationship than initially thought.

3. Flying the cage

An image of new Twitter owner Elon Musk is seen surrounded by the Twitter logo in this Nov. 08, 2022 file photo in Warsaw, Poland.

STR | Norphoto Getty Images

Elon Musk wanted his Twitter staff to be more “hardcore”. And many responded in kind – resigning and disobeying his orders. The beleaguered social media company was hit by a new wave of resignations Thursday after Musk, who has already cut nearly half the company’s workforce after taking over more than a week ago, told employees they had until 5 p.m. ET to decide whether they wanted to stay on. Company and work “long hours of high intensity.” His ultimatum was met with hundreds of salutes or “thank you for your service” emojis and dozens of goodbye messages in a company Slack channel. It is not clear how many resigned. “All teams representing critical infrastructure are voluntarily leaving the company, putting the company at serious risk of being able to recover,” an engineer who resigned Thursday told CNBC.

4. Bad blood

Taylor Swift performs on stage in concert at Mercedes-Benz Arena on May 30, 2014 in Shanghai, China.

VCG | Getty Images

Taylor Swift fans aren’t putting it off. The general public will not be able to buy tickets for the superstar’s upcoming stadium tour on Friday. Ticketmaster, which is part of Live Nation, said Thursday that the sale was canceled due to an unsatisfactory presale process that resulted in errors, site failures and insufficient tickets to meet demand. Explain the company? Basically, “Look what you made me do.” Ticketmaster blamed record demand for all the problems. Greg Maffei, Chief Executive Officer of Liberty Media Live Nation The shareholder, told CNBC that Ticketmaster sold more than 2 million tickets Tuesday and that demand “could fill 900 stadiums.” And while frustrated fans want Ticketmaster to admit, “I’m the problem, it’s me,” several lawmakers are pushing to break up Ticketmaster and Live Nation: As a single company, they control 70% of the ticket and live event venues market.

5. Millions without electricity in Ukraine

Firefighters work to put out a fire at energy infrastructure facilities damaged by a Russian missile attack as Russia’s offensive on Ukraine continues in the Kyiv region of Ukraine on November 15, 2022.

State Emergency Service of Ukraine via Reuters

According to Ukrainian President Volodymyr Zelensky, the Russian missile attack left 10 million people in Ukraine without power. Although Ukraine has made significant progress against Russian forces on the battlefield in the south and east of the country, its cities are struggling after airstrikes on critical infrastructure and civilian areas. The situation has prompted the United Nations to warn of a wider humanitarian crisis in Ukraine as winter approaches. Read live battle updates here.

– CNBC’s Alex Haring, Rohan Goswami, Lora Kolodny, Sarah Whitten and Natasha Turak contributed to this report.

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