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Traders on the floor of the NYSE, Jan. 5, 2023.
Source: NYSE
Here are the most important news items that investors need to start their trading day:
1. It’s CPI day
Thursday morning’s consumer price index report gave the latest indication of whether the Federal Reserve’s war on inflation is having any success. But, as CNBC’s Patti Domm points out, even though December CPI declined month to month, as expected, it doesn’t mean the Fed is going to ease off its rate hike plan since year over year inflation is still well above policymakers’ 2% target. Markets, meanwhile, are coming off a positive Wednesday. The Nasdaq is on a four-day winning streak. Read live markets updates here.
2. Proxy fight at Disney
3. ‘Nonsense’
A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.
Johnny Milano | Bloomberg | Getty Images
Sure, Bed Bath & Beyond is probably on the brink of bankruptcy, AMC Entertainment is struggling with a massive debt load and an environment that favors streaming over theaters, and GameStop is, well, GameStop. But that didn’t stop their shares from popping in what felt like a last-gasp meme stock rally Wednesday. Bed Bath & Beyond, whose market cap was under $150 million earlier this week, surged the most – 68%. Heading into Thursday morning, its market value stands at more than $307 million, even as the company rapidly burns through cash, runs out of merchandise to sell and loses customers. “We don’t love the strength in nonsense stocks like AMC, CVNA, GME, BBBY, PRTY, etc.,” said Adam Crisafulli, founder of market commentary firm Vital Knowledge. “This just means people are blindly chasing.”
4. Flight delays ease after FAA failure
Passengers walk past a flight status board in Terminal C at Orlando International Airport that shows many delays, Wednesday, Jan. 11, 2023, after the FAA grounded all U.S. flights earlier in the day.
Joe Burbank | Tribune News Service | Getty Images
5. Starbucks toughens return to office policy
Former chairman and CEO of Starbucks, and United States 2020 presidential candidate Howard Schultz visits Fox & Friends at Fox News Channel Studios on April 2, 2019 in New York City.
Steven Ferdman | Getty Images
Corporate workers at Starbucks will soon be required to return to their offices at least three days a week, CEO Howard Schultz told employees in a memo. Office workers were expected to come in once or twice a week, but badge swpe data showed employees weren’t living up to that request, according to Schultz. The coffee chain is the latest major company to issue a stricter return-to-office policy. Earlier this week, for instance, Disney’s Bob Iger told workers they needed to return to offices at least four days a week.
– CNBC’s Patti Domm, Yun Li, Sarah Whitten, Leslie Josephs and Amelia Lucas contributed to this report.
— Follow broader market action like a pro on CNBC Pro.
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