5 things to know before the stock market opens on Friday December 23rd

Vendors hang Christmas decorations on the floor of the New York Stock Exchange (NYSE) in New York City, November 29, 2022.

Brendan McDermid | Reuters

Here is the key news investors need to start their trading day:

1. Lumps of coal everywhere

It was the last day of trading before Christmas and hardly a bull was stirring anywhere on Wall Street… Ok, let’s leave that at that. Investors went into business on Friday feeling a little groggy after Thursday’s tough session. At one point, the Dow fell more than 800 points before a late-day boost helped push the blue-chip index down about 350 points. It was a particularly bad day for technology stocks, which dragged the Nasdaq down almost 2.2%. With just five trading days left in December, stocks are on the verge of ending 2022 in the red, possibly ending the worst year for stocks since 2008. Read live market updates here.

2. Microsoft is pushing back

A Call of Duty: Modern Warfare video game from Activision Blizzard will be released on Wednesday 1st 19th, 2022.

Michael Ciaglo | Bloomberg | Getty Images

Microsoft officially responded to the Federal Trade Commission’s attempt to block the software giant’s $68.7 billion deal to buy video game maker Activision Blizzard. Microsoft, which makes Xbox gaming systems, claimed the acquisition wouldn’t harm competition and stressed that it made concessions to clear the deal. Referring to Activision’s lucrative Call of Duty series, Microsoft said it had offered PlayStation console maker rival Sony a 10-year deal to release the games for Sony systems on the same day which they are offered for Xbox. “Sony refuses to do business,” Microsoft said in its response to the FTC.

3. Google warns employees

LOS ANGELES, CALIFORNIA – JUNE 9: Google CEO Sundar Pichai addresses a panel discussion at the CEO Summit of the Americas hosted by the US Chamber of Commerce on June 9, 2022 in Los Angeles, California. The CEO Summit started its second day of events with a formal signing of the “International Coalition to Connect Marine Protected Areas” and a speech by US President Joe Biden. (Photo by Anna Moneymaker/Getty Images)

Anna Moneymaker | News from Getty Images | Getty Images

alphabetAccording to internal communications from CNBC’s Jennifer Elias, Google told employees that in 2023, more of them will be at risk of low performance ratings. The company estimates that its new rating system would place 6% of full-time employees in a category that poses a higher risk for corrective action. It used to be 2%. The system will also make it harder for employees to get good grades. The changes come as the company grapples with its headcount following recent expansions. Executives have announced there will be small cuts and have not ruled out layoffs.

4. Moving back in with mom and dad

FTX founder Sam Bankman-Fried will leave the company following his arraignment in New York City on December 22, 2022.

Ed Jones | AFP | Getty Images

FTX founder Sam Bankman-Fried, the 30-year-old former crypto billionaire, is moving in with his parents in California. He has no choice. A federal judge granted the accused fraudster a $250 million release on stringent terms while he awaits trial on multiple criminal charges. Before he was arrested and as his empire collapsed, Bankman-Fried said his personal fortune had dwindled to about $100,000. So his bond was backed by equity in his family home and the signatures of his parents and two other people of “substantial” wealth.

5. A big week for James Cameron and Disney

Director James Cameron attends the world premiere of ‘Avatar: The Way of Water’ at Odeon Luxe Leicester Square on December 06, 2022 in London, England. (Photo by Joe Maher/Getty Images)

Joe Maher | Getty Images Entertainment | Getty Images

After a less-than-expected opening weekend at $134 million domestically, director James Cameron’s “Avatar: The Way of Water” faces a major test in its second week of release. Will it follow the pattern of the first “Avatar,” which experienced small weekly dips in business on its way to becoming the highest-grossing film of all time? Or will it suffer the kind of second-week declines that plague the blockbusters of that era? That Disney Sci-fi epic has a few things in its favor: word of mouth from audiences has been good, and there’s a general desire among moviegoers to see it in pricier, premium formats like 3D and IMAX. Plus, the week between Christmas Eve and New Year’s is typically a big Hollywood one, with kids home on vacation and lots of people on vacation — and “Avatar” is the only big, family-friendly extravaganza in town.

– CNBC’s Samantha Subin, Jordan Novet, Jennifer Elias, Rohan Goswami, MacKenzie Sigalos and Sarah Whitten contributed to this report.

Follow broader market action like a pro CNBC Pro.

Leave a Reply

Your email address will not be published. Required fields are marked *