Traders work on the floor of the New York Stock Exchange during morning tradingon December 02, 2022 in New York City.
Michael M. Santiago | Getty Images
Here are the most important news items that investors need to start their trading day:
1. Santa slump
Stocks have yet to shake off these December blues. They’re on pace to post a losing month, which would wrap up a year of losses. The three major indices all fell Monday, setting a harsh tone for the week heading into Christmas. Futures, meanwhile, were all over the place Tuesday morning after the Bank of Japan surprised investors by loosening its cap on bond yields. The move provoked a selloff in several markets. On the earnings front, two big names, FedEx and Nike, are set to report after the bell. Read live markets updates here.
2. Amazon gives up pandemic gains
Packages move along a conveyor belt at an Amazon Fulfillment center on Cyber Monday in Robbinsville, New Jersey, on Monday, Nov. 28, 2022.
Stephanie Keith | Bloomberg | Getty Images
Amazon thrived during the earlier days of the pandemic. How could it not? People were largely stuck at home, so they shopped a lot online, spending stimulus checks and money saved from not commuting on necessities and fun items alike. But that didn’t last, even though Covid’s still out there, and now Amazon’s shares are back to where they were at the start of the pandemic. The stock has fallen nearly 50% this year, and it’s on pace for its worst year since 2000 – during the dotcom crash. There could be more pain to come, notes CNBC’s Annie Palmer, since Amazon’s guidance for the holiday quarter came in well below what Wall Street was expecting.
3. Rough outlook for EVs
U.S. President Joe Biden gestures after driving a Hummer EV during a tour at the General Motors ‘Factory ZERO’ electric vehicle assembly plant in Detroit, Michigan, November 17, 2021.
Jonathan Ernst | Reuters
Auto executives are a lot more bearish on the short-term prospects for electric vehicle adoption than they were a year ago. For 2030, the median expectation for EV sales in the U.S. is 35% of the market for new vehicles, according to a KPMG survey of 900 industry executives. That’s down from 65% last year, and well …….