Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City.
Michael M. Santiago | Getty Images
Here are the most important news investors need to start their trading day:
1. February heat check
Even with mixed economic signals, fears that the Federal Reserve will keep rates high and a modest earnings season, stocks have gotten off to a hot start this year. The S&P 500 is up more than 7% at Monday’s open, while the Nasdaq, the worst performer of the three major indexes last year, is on a five-week winning streak. This week, investors are looking ahead to Fed Chairman Jerome Powell’s speech to the Economic Club of Washington on Tuesday. After Friday’s disappointing jobs numbers, Powell’s words this week will come under even greater scrutiny following his remarks last week about signs of “distortion” in the economy. Read live market updates.
2. What’s on tap for earning.
It’s another big week for companies as the fourth quarter earnings season is halfway through. While last week was dominated by Big Tech, this time there is a wider mix of companies from different industries. Once again, investors will be paying attention to what companies expect this year, as the economy contends with high inflation and rising interest rates. Here are the big names reporting this week:
3. ‘The Break Even Trend’
Elon Musk, chief executive officer of Tesla Inc., leaves a courthouse Tuesday, Jan. 24, 2023, in San Francisco, California.
Marlena Sloss | Bloomberg | Getty Images
Elon Musk took to Twitter to tell everyone that he has been going through a tough time lately. “The last 3 months have been extremely difficult, as we have to fulfill the essential duties of Tesla and SpaceX, to save Twitter from bankruptcy. I don’t wish this pain on anyone,” he said. said in a tweet thread Sunday. But, according to Musk, the hard work has produced some results. He said Twitter, which has gone through major job cuts and a massive rollout of several initiatives since Musk took over in October, “has a break-even trend.” Musk offered no numbers to back up his claim, and Twitter is now a private company so it’s not subject to the kinds of disclosure laws that Tesla operates with. Instead, independent firms had to release details of Twitter’s financial condition. So far, this It hasn’t been very good.
4. Earthquake in Turkey kills hundreds
On February 6, 2023, a massive earthquake in Diyarbakır, Turkey, and its aftershocks destroyed buildings in Turkey and Syria.
Omar Yasin Ergin Anadolu Agency | Getty Images
A devastating earthquake struck southeastern Turkey on Monday morning, leveling buildings and killing more than 1,000 people in the country as well as in northern Syria. The death toll is expected to rise as many people remain missing. According to the Associated Press, the earthquake, which registered a magnitude of 7.8, was felt as far away as Cairo in Egypt. Adding to the complexity of the situation, the earthquake hit a region that has been shaped by the effects of a decade-long civil war in Syria, which has forced four million refugees into Turkey. Monday was followed by a powerful aftershock.
5. Beyonce sets a record.
LOS ANGELES, CALIFORNIA FEBRUARY 5: Beyonce accepts the award for Best Dance/Electronic Music Album for Renaissance onstage during the 65th Annual Grammy Awards at Crypto.com Arena on February 05, 2023 in Los Angeles, California. (Photo by Robert Gauthier/Los Angeles Times via Getty Images)
Robert Gauthier | Los Angeles Times | Getty Images
Still, Beyoncé was denied Album of the Year at Sunday night’s Grammy Awards, but that didn’t stop her from making history. The superstar, who is about to embark on a massive tour with ticketmasters gearing up for huge demand, has now won the most Grammys in history, 32, eclipsing the late conductor Sir George Solti. Beyoncé wasn’t the only one making history at the Grammys this year. “The Woman King” star Viola Davis became the 18th person to round out the EGOT — which means she’s won an Emmy, a Grammy, an Oscar and a Tony. (By the way, Harry Styles’ “Harry House” won album of the year.)
– CNBC’s John Malloy, Ashley Capote and Laura Kolodny contributed to this report.
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