May 17, 2022

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5 things to know before the stock market opens on Friday, April 22

5 things to know before the stock market opens on Friday, April 22

Here are the top news, trends and analysis that investors need to start their trading day:

1. Futures Mixed After Fed Chair Powell sent markets into a cycle

Pedestrians pass through the NASDAQ MarketSite in Times Square, New York.

Eric Thayer | Reuters

US stock futures It was mixed on Friday, a day after a massive afternoon market sell-off on hawkish comments from the Federal Reserve chair. Jerome Powell, which wiped out the strong morning gains. Soaring bond yields, which continued on Friday, hit Nasdaq A particularly difficult Thursday, with the tech-heavy index down 2% in a The second consecutive session of heavy losses. The Nasdaq remained in a sharp correction and was close to the bear market territory, defined by a drop of 20% or more from recent highs. The index last closed at a record level in November.

2. Bond yields soared as hawkish Powell confirmed Fed talk recently

Jerome Powell, Chairman of the US Federal Reserve, attends the Economic Policy Conference of the National Association of Business Economics in Washington, DC, US on March 21, 2022.

Yasin Ozturk | Anadolu Agency | Getty Images

pointer 10-year treasury bond yield Friday close to 3% It witnessed the short end of the yield curve 5 years Above this level, Powell confirmed what several Fed officials said recently that interest rates may need to increase at a stronger pace to fight inflation. During a panel discussion by the International Monetary Fund on Thursday, moderated by CNBC Sarah Essen The Fed chair said that “50 basis points will be on the table for the May meeting.” The central bank raised interest rates by 25 basis points at its March meeting, The first rise in more than three years. The market anticipates price increases at each of the remaining six meetings in 2022.

3. Gap shares fell when expectations are lowered, the departure of the old Navy chief

Traffic passes by Old Navy and GAP stores in Times Square, March 1, 2019 in New York City.

Drew Angerer | Getty Images

shares the difference It sank nearly 15% in the first market Friday, the next morning after the apparel retailer cut growth forecasts due to increased competition and more promotions. company also announced Chief Executive of the Old Navy Division, Nancy Greene, is leaving her position. In addition to Old Navy and its namesake brand, Gap is also behind the Banana Republic and Athleta lines. Gap said it will provide an updated financial forecast for 2022 when it submits quarterly results, scheduled for May 26.

4. CNN+ will close on April 30, just one month after its launch

A Jeep Wrangler Rubicon sits on an outdoor track during the press preview of the International Auto Show at the Jacob Javits Convention Center in New York City on April 13, 2022.

Timothy A. Clary | Agence France-Presse | Getty Images

Warner Brothers Discovery CNN+ closes at the end of the month, only weeks After launching an independent streaming news service. The company said customers will receive pro-rata refunds on subscription fees. CNN+ drew less than 10,000 active viewers per day in the two weeks following its debut. The service was launched a short time ago AT&TWarnerMedia’s WarnerMedia unit and Discovery completed their merger on April 8. .

5. Florida Republicans Vote to Dissolve Disney Special Zone

Disney employee Nicholas Maldonado holds a sign during his protest outside Walt Disney World on March 22, 2022 in Orlando, Florida. Employees are organizing a company-wide strike today in protest of The Walt Disney Company’s response to controversial legislation passed in Florida known as the Don’t Say Like Me Act.

Octavio Jones | Getty Images News | Getty Images

The Republican-led Florida legislature Passed – and sent to Governor Ron DeSantis – a bill seeking to dissolve a special district that would allow The Walt Disney Company For self-governance within the outer limits of Orange and Osceola counties. Widely seen as a candidate for the 2024 Republican presidential nomination, DeSantis is caught up in a bitter dispute with Disney over the entertainment giant’s condemnation of the Florida No Less Gay Act, which limits early education teachings about sexual orientation or gender identity.

– CNBC channel Yun LeeAnd Jeff CoxAnd Peter ShakirAnd Lauren ThomasAnd Alex Sherman And Sarah Whitten Contribute to this report.

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