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5 things to know before the stock market opens on Wednesday, December 7
Traders on the NYSE floor
Source: NYSE
Here are the most important information investors need to start their trading day:
1. Can stocks take the leap?
US stock markets entered a deep funk on Wednesday. After big losses on Monday, stocks fell again on Tuesday: the Nasdaq lost 2%, the S&P 500 fell 1.4% and the Dow fell more than 1%. Even with China easing its Covid restrictions, which should support that country’s economy, investors are increasingly worried that the Federal Reserve could hold its inflation-fighting rate hikes longer than expected. Fed policymakers are expected to hike rates another half a percentage point when they meet next week. Read live updates here.
2. The view from above
Another prospect weighing on investors’ minds? The potential for a recession next year, especially as the Fed works to cool the economy. Several of America’s top CEOs appeared on CNBC on Tuesday to weigh in on the possibility of a downturn. JPMorgan CEO Jamie Dimon said a number of factors, including geopolitical crises and sustained rate hikes, “could well derail the economy and cause this mild to severe recession that people are worried about.” Walmart CEO Doug McMillion, meanwhile, said a recession may be needed to reduce inflation. And while GM CEO Mary Barra said she wouldn’t call if there was a recession, she said the automaker plans to be “pretty conservative” in 2023.
3. Warnock defeats Walker
ATLANTA, GEORGIA – DECEMBER 06: Georgia’s Democratic Senate candidate, U.S. Senator Raphael Warnock (D-GA), speaks during election night at the Marriott Marquis on December 6, 2022 in Atlanta, Georgia. Senator Warnock defeated his Republican challenger Herschel Walker in a runoff election tonight. (Photo by Win McNamee/Getty Images)
Win Mcnamee | Getty Images News | Getty Images
4. Major auto unions vote
UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production Thursday, May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan.
Steve Fecht for Chevy
This is a first for the United Auto Workers. On Wednesday and Thursday, the union will hold a vote to organize about 900 workers at an electric vehicle battery plant in Ohio, a joint venture between General Motors and LG Energy Solution. Employees are expected to vote in favor of the organization, which could help the UAW set a precedent for labor as the auto industry shifts toward electric vehicle production and away from gas-powered cars. “If they can show that the workers there trust the union, then other battery factories might have more pressure to follow suit,” Cornell University labor professor Art Wheaton told CNBC. . GM-LG Energy Solution joint venture Ultium plans to build at least four more battery factories, while rivals Ford and Stellantis have their own battery factory plans.
5. Fierce fighting in Ukraine
A Ukrainian serviceman is seen in the trenches at the Bakhmut front line in Donetsk, Ukraine, December 04, 2022.
Anadolu Agency | Anadolu Agency | Getty Images
Ukrainian and Russian forces are engaged in fierce trench warfare in Ukraine’s Donetsk region. The Russians are seeking to capture the small town of Bakhmut in the southeast of the country, after months of battlefield progress by the Ukrainian army. Meanwhile, Ukraine has yet to officially claim credit for drone strikes on bases well within Russia’s borders. US Secretary of State Antony Blinken also said the Biden administration neither encouraged nor allowed Ukraine to strike inside Russia. Read Live War Updates here.
CNBC’s Tanaya Macheel, Rebecca Picciotto, Kevin Breuninger, Michael Wayland and Holly Ellyatt contributed to this report.
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