A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022.
Andrew Kelly | Reuters
Here are the most important news items that investors need to start their trading day:
1. Holiday blues
U.S. stock markets are on their first two-week losing streak since September. The December funk is a result of uncertainty about the economy in the near term – is there going to be a recession or not? – and certainty about the Federal Reserve’s dedication to raising rates in its fight against inflation. “The market has been in a tug-of-war between better-than-feared economic data juxtaposed with concerns about the potential for the Fed to over-tighten monetary policy and push the economy into a recession,” B. Riley strategist Art Hogan wrote in a note Friday. This week, investors will get some more clues about the economy and the state of the consumer, as Nike and FedEx both report earnings Tuesday. Read live markets updates here.
2. SBF expected to waive extradition
FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022.
Mario Duncanson | AFP | Getty Images
It looks like disgraced crypto kingpin Sam Bankman-Fried is coming home, after all. The founder of bankrupt exchange FTX is expected to give up his extradition fight Monday in the Bahamas so he can face federal prosecution and other cases in the United States. Bankman-Fried was set to stay in a Bahamian jail until his next hearing in February. Federal prosecutors have charged him with wire fraud, securities fraud, conspiracy to defraud the United States and money laundering, meaning he could end up spending decades in prison if he’s convicted.
3. Musk loses his own Twitter poll
If he sticks to his word, Elon Musk’s time as CEO of Twitter could be up soon. “Should I step down as head of Twitter? I will abide by the results of this poll,” the billionaire tweeted Sunday. The poll expired Monday morning and it showed, by a sizable margin, that Twitter users wanted him to resign. The company has been in turmoil since Musk bought it for $44 billion and took it private in October. The bigger concern …….