Traders on the floor of the NYSE, Jan. 5, 2023.
Here are the most important news items that investors need to start their trading day:
1. It’s CPI day
Thursday morning’s consumer price index report will provide the latest indication of whether the Federal Reserve’s war on inflation is having any success. But, as CNBC’s Patti Domm points out, even if the December CPI is negative month over month, as is expected, it doesn’t mean the Fed is going to ease off its rate hike plan since year over year inflation is still well above policymakers’ 2% target. The CPI number is scheduled to hit at 8:30 a.m. ET. Markets, meanwhile, are coming off a positive Wednesday. The Nasdaq is on a four-day winning streak. Read live markets updates here.
2. Proxy fight at Disney
Add “proxy fight” to Bob Iger’s already-staggering to-do list. After the bell Wednesday, Disney announced that its new chairman would be Mark Parker, a longtime board member and Nike’s executive chairman. But that wasn’t all. The entertainment giant got ahead of an announcement by activist investor Nelson Peltz’s Trian Fund Management, saying it had rejected Peltz’s attempt to join the board. Trian bought about $800 million Disney stock about two months ago. On Wednesday, Peltz said Disney had “lost its way” and that he wants Disney to become more cost efficient. Notably, though, Trian said it wasn’t looking to replace Iger, despite Peltz’s reported skepticism about the executive’s return to Disney. “Trian’s objective is to create sustainable, long-term value at Disney by working WITH Bob Iger and the Disney Board,” the firm said.
A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.
Johnny Milano | Bloomberg | Getty Images
Sure, Bed Bath & Beyond is probably on the brink of bankruptcy, AMC Entertainment is struggling with a massive debt load and an environment that favors streaming over theaters, and GameStop is, well, GameStop. But that didn’t stop their shares from popping in what felt like a last-gasp meme stock rally …….