5 things you need to know before the stock market opens on Monday

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Heritage turkeys make rapid gurgling noises at Elmwood Stock Farm ahead of the Thanksgiving holiday in Georgetown, Kentucky, November 16, 2021.

Amira Karaoud | Reuters

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

1. Time to talk turkey

Happy Thanksgiving week. We may have a shortened trading schedule, with US markets closed on Thursday for the holiday and only open until Friday 1pm ET, but there’s no shortage of intrigue. Stocks slumped a bit last week but closed strong on Friday as investors weighed in on some retail earnings (more on that below) and another round of Fed rulings as Federal Reserve officials largely stuck to their plans to raise rates to to lower inflation. Some market watchers think a bottom could be close. “The bear market’s final move will probably come in Q1 next year, when earnings finally catch up to where we think they will be next year,” Mike Wilson, Morgan Stanley’s chief US equity strategist, told TBEN. Read live market updates here.

2. Disney’s Sunday night shocker

Bob Iger, left, and Disney’s Bob Chapek

Charley Gallay | Getty Images; Patrick T Fallon | Bloomberg | Getty Images

I’m sorry, HBO. disney‘House of the Mouse’ from ‘House of the Mouse’ may have an edge over ‘House of the Dragon’ for sheer intrigue and shock value. The Walt Disney Company stunned the business world Sunday night with news that it had rehired Bob Iger as CEO, ousting Bob Chapek, who had succeeded Iger in the position less than three years ago. Disney’s stock soared following the announcement. Criticism of Chapek had reached a fever pitch as Disney’s share price fell 40% this year after hitting dramatic highs last year. The CEO change came less than two weeks after Disney released weak fourth-quarter fiscal results, as well as Chapek’s internal announcement that the company would freeze hiring in some segments, cut costs across the company and cut some jobs. would delete. However, Iger’s return calls into question every decision Chapek made during his brief tenure at Disney’s helm, writes TBEN’s Alex Sherman.

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3. Another big retail week

Televisions are listed for sale at a Best Buy store in New York City.

Andrew Kelly | Reuters

It may be a short week for Wall Street, but it’s still packed for retailers. Best Buy, Nordstrom, Money tree and from Dick all report quarterly earnings on Tuesday, and of course Friday is Black Friday, traditionally a huge sales driver for stores. Investors are looking for what retailers will say about consumer buying behavior heading into the Christmas shopping season. Last week, Macy’s and Target said they saw a slowdown in sales in late October and early November, so we’ll look out for similar updates to this week’s reports. Investors will also be interested in retailers’ progress in getting rid of excess inventory, especially since Black Friday deals have basically been going on since last month.

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Read more from TBEN PRO: Holiday shoppers are in no hurry. What that means for store inventories

4. Countries reach major climate agreement

About 35,000 delegates from nearly 200 countries are expected to gather in the Red Sea resort of Sharm el-Sheikh to discuss collective action to tackle the climate crisis.

Ahmad Gharabli | TBEN | Getty Images

Officials from nearly 200 countries agreed to create a new fund to pay poor countries for the damage they suffer from climate change. The deal was finalized at the COP27 conference in Egypt. Nations also agreed to stick to their goal of keeping global temperature rise within the threshold of 1.5 degrees Celsius above pre-industrial levels. The agreement also drew some criticism. “COP27 has kept the 1.5°C target alive. Unfortunately, it has not fulfilled the commitment of the world’s largest emitters to phase out fossil fuels, nor any new commitments on climate mitigation,” said European Commission President Ursula von der Leyen, in a statement. pronunciation.

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5. Speaking of fossil fuels

Luke Sharret | Bloomberg | Getty Images

Goldman Sachs cut its fourth-quarter crude oil price forecast, citing possible delays due to Covid outbreaks in China and uncertainty over the G-7’s plans to put a cap on Russian oil prices while the Kremlin is war in Ukraine. Goldman now expects $100 a barrel, down $10 from its previous forecast. “Investors are disappointed by higher-than-expected production and export flows from Russia, despite only two weeks left before the EU embargo comes into effect on crude oil, alongside the G-7 price cap, for which more details will be announced next week,” Goldman said in a note. WTI crude oil traded below $80 Monday morning.

– TBEN’s Tanaya Macheel, Alex Sherman, Melissa Repko, Sam Meredith and Lee Ying Shan contributed to this report.

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