5 things to know before the stock market opens Wednesday

Key Points

  • Inflation watch: Stock futures are higher as investors await December’s consumer price index report, which could influence the Federal Reserve’s interest rate decisions.
  • Banking beat: JPMorgan Chase reported better-than-expected Q4 earnings, amidst leadership changes and upcoming reports from other major banks.
  • What’s X worth?: The SEC has sued Elon Musk for securities fraud related to his 2022 Twitter acquisition, alleging he underpaid by at least $150 million.
  • An ‘intense’ year: Meta plans to cut 5% of its workforce, focusing on performance, as part of broader tech industry layoffs.

Summary

The article outlines several critical updates for investors as the trading day begins. Stock futures are on the rise as the market anticipates the December consumer price index report, which could sway the Federal Reserve's upcoming interest rate decisions. In the banking sector, JPMorgan Chase has reported earnings that exceeded expectations, amidst news of leadership changes and upcoming earnings from other major banks like Goldman Sachs and Wells Fargo. Additionally, the SEC has filed a lawsuit against Elon Musk, accusing him of securities fraud in his acquisition of Twitter, now known as X, claiming he underpaid significantly. Meanwhile, Meta Platforms announced plans to reduce its workforce by 5%, targeting underperformers, as part of a broader trend of tech industry layoffs. Lastly, Pete Hegseth, President-elect Donald Trump's nominee for Secretary of Defense, faced a contentious confirmation hearing, highlighting ongoing political and corporate dynamics.

cnbc
January 15, 2025
Stocks
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