Here is the most important news investors need to start their trading day:
1. New year, new markets
So far the new year has not been kind to the markets. He Nasdaq Composite It fell 1.18% on Wednesday, the second trading session of 2024, building on its worst daily performance in months. Investors appeared to be selling last year's tech winners with Apple, NVIDIA, tesla and Goal everyone seeing losses. He S&P 500 and the Dow Jones Industrial Average It also experienced slight drops during the day. Meanwhile, the 10-year Treasury produce It briefly surpassed the 4% mark on Wednesday. Continue live market updates.
2. Wait for the economy to evolve
US Federal Reserve Chairman Jerome Powell attends a press conference in Washington, DC, United States, on December 13, 2023.
Liu Jie | Xinhua News Agency | fake images
The Federal Reserve has indicated it is not yet ready to cut rates. The Federal Reserve seems to think interest rate cuts are likely in 2024, but it's not sure when that might happen. The Federal Reserve published on Wednesday minutes of his last meeting, when it kept the reference rate stable in a range between 5.25% and 5.5%. Members at that meeting also indicated they expect three quarter-percentage point cuts by the end of 2024, and noted that inflation concerns have eased. But they took a cautious tone in the minutes, with several members saying rates may need to be kept high if the right conditions are not in place. Wednesday's statement noted an "unusually high degree of uncertainty" about the direction of policy and said future decisions will depend on "how the economy evolves."
3. Accelerate
Cadillac vehicles will go on sale at the Zeigler Cadillac of Lincolnwood dealership on January 31, 2023 in Lincolnwood, Illinois.
Scott Olson | fake images
General Motors just had your Best year for vehicle sales since 2019. The automaker reported Wednesday that it sold 2.6 million vehicles in 2023, representing a 14.1% increase over 2022. That puts the company on the right path with general industry expectations. Still, GM's electric vehicle sales for the year were disappointing. Electric vehicles accounted for just 2.9% of the company's total sales last year, and most of them were discontinued for now. chevrolet bolt Models. The automaker said it will increase its production of electric vehicles by 2024 and will offer $7,500 in incentives for any model that no longer meets the requirements for $7,500 in incentives. federal tax credits.
4. Oil prices
A cargo ship crosses the Suez Canal, one of the most critical man-made waterways, in Ismailia, Egypt, on December 29, 2023.
Fareed Kotb | Anadolu | fake images
Oil prices increased more than 3% Wednesday as tensions remain high in the Red Sea. The United States warned Iran-backed Houthi militants based in Yemen to stop attacking ships in the area. To avoid the possibility of conflict, carriers have already deflected more than 200 billion dollars in trade from the Red Sea. Also affecting oil prices, Reuters reported that protests in Libya have closed the Sharara oil field, which produces 300,000 barrels per day.
5. Photocopied cuts
A Xerox banner outside the New York Stock Exchange on January 23, 2018.
Adam Jeffery | CNBC
photocopy plans to cut 15% of its workforce this quarter. A previous SEC filing said the company had 20,500 employees, meaning the company layoffs It would affect some 3,075 employees. Xerox, the digital printing and document management technology company that has become so ubiquitous that its name is still used as a verb, also said it was planning to implement a new organizational structure and operating model. That includes redesigning its executive team and streamlining its products. Xerox shares fell more than 12% on Wednesday after the announcement.
โ CNBC's Lisa Kailai Han, Jeff Cox, Michael Wayland, Spencer Kimball, Lori Ann LaRocco and Ashley Capoot contributed to this report.
โ Follow the broadest market action like a pro on CNBC Pro.
