Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 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. February heat check
Even with mixed economic signals, worries that the Federal Reserve will keep rates high and a mediocre earnings season, stocks have gotten off to a hot start this year. The S&P 500 is up more than 7% heading into Monday’s open, while the Nasdaq, which performed the worst of the three major indices last year, is on a five-week winning streak. This week, investors are looking forward to a speech from Fed Chairman Jerome Powell on Tuesday before the Economic Club of Washington. After Friday’s blowout jobs number, Powell’s words this week will come under even tighter scrutiny following his remarks last week on “disinflationary” signs in the economy. Read live markets updates.
2. What’s on tap for earnings
It’s another big week for companies as fourth quarter earnings season hits its halfway point. While Big Tech dominated last week, this time there’s a broader mix of companies from various industries. Once again, investors will be keyed in on what companies expect from this year, as the economy contends with high inflation and rising interest rates. Here are the major names reporting this week:
3. ‘Trending to breakeven’
Elon Musk, chief executive officer of Tesla Inc., departs court in San Francisco, California, on Tuesday, Jan. 24, 2023.
Marlena Sloss | Bloomberg | Getty Images
Elon Musk told everyone on Twitter that he’s been through a rough time recently. “Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone,” he said in a tweet thread Sunday. But, according to Musk, the toil has produced some results. He said Twitter, which has gone through large job cuts and a rocky rollout of several initiatives since Musk took it over in October, is “trending to breakeven.” Musk didn’t offer any numbers to back up his claim, and Twitter is now a private company so it’s not subject to the kinds of disclosure rules that Tesla works with. Instead, independent firms have had to suss out details of Twitter’s financial well being. So far, it hasn’t been great.
4. Turkey earthquake kills hundreds
A destroyed building in Diyarbakir, Turkey, after a massive earthquake and its aftershocks leveled buildings in Turkey and Syria on Feb. 6, 2023.
Omer Yasin Ergin | Anadolu Agency | Getty Images
A devastating earthquake struck southeastern Turkey early Monday, leveling buildings and leaving more than 1,000 people dead in the country as well as in northern Syria. The death toll is expected to rise, as many people remained missing. The quake, which registered a magnitude of 7.8, was felt as far away as Cairo in Egypt, according to the Associated Press. Adding to the complexity of the situation, the earthquake struck a region that has been shaped by the effects of a decade-long civil war in Syria, which has forced 4 million refugees into Turkey. A powerful aftershock hit later Monday.
5. Beyoncé sets a record
LOS ANGELES, CALIFORNIA FEBRUARY 5: Beyonce accepts the Best Dance/Electronic Music Album award for Renaissance onstage during the 65th GRAMMY Awards at Crypto.com Arena on February 05, 2023 in Los Angeles, California. (Photo by Robert Gauthier / Los Angeles Times via Getty Images)
Robert Gauthier | Los Angeles Times | Getty Images
Yet again, Beyoncé was denied Album of the Year at Sunday night’s Grammy Awards, but that didn’t stop her from making history. The superstar, who is about to kick off a major tour that has Ticketmaster bracing for big demand, now has won the most Grammys in history, 32, eclipsing the late conductor Sir Georg Solti. Beyoncé wasn’t the only one to make history at the Grammys this year, either. “The Woman King” star Viola Davis became the 18th person to round out an EGOT – which means she has won an Emmy, a Grammy, an Oscar and a Tony. (Harry Styles’ “Harry’s House” won Album of the Year, by the way.)
– CNBC’s John Melloy, Ashley Capoot and Lora Kolodny contributed to this report.
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