5 things to know before the stock market opens on Wednesday, November 23

The National Thanksgiving Turkey stands on the South Lawn of the White House in Washington, USA, on November 21, 2022.

Evelyn Hockstein | Reuters

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

1. All the trimmings

2. HP joins the trend of tech layoffs

Enrique Lores, CEO, HP

Scott Mlin | CNBC

computer company hp inc said on Tuesday that it would be lay off between 4,000 and 6,000 employees in the next three years as demand for personal computers weakens. The announcement came as HP published quarterly results that included a 13% year-over-year decline in revenue for its business segment that includes PCs. The company’s plans also came after other tech companies including Facebook parent Meta, Salesforce and Amazon said they would cut jobs as their businesses adjust to a sharp drop in demand earlier in the day. the covid pandemic.

3. New York law targets bitcoin mining

New York Governor Kathy Hochul speaks during a “Get Out The Vote” New York Women’s rally ahead of the 2022 US midterm elections, in Manhattan, New York City, on November 3, 2022.

Andrew Kelly | Reuters

New York Governor Kathy Hochul signed legislation Tuesday imposing a two-year moratorium on certain types of bitcoin mining that depend on carbon-based energy. Hochul hailed the law as the first of its kind in the country, and indeed industry insiders told CNBC’s MacKenzie Sigalos that they think it could trigger a domino effect. The move faces environmental concerns about the amount of computing power used to mine bitcoins, but it also comes during a period of chaos and turmoil in the cryptocurrency industry due to the sudden collapse of Sam Bankman-Fried’s FTX.

4. Several killed in shooting at Walmart

Authorities said at least seven people, including the shooter, are dead. after a massacre on Tuesday at a Walmart store in Chesapeake, Virginia. The company said it was “shocked” by the crime. “We are working closely with law enforcement and are focused on supporting our partners.” walmart he said on Twitter. It is the second mass shooting in days, following the attack by a gunman at an LGBTQ nightclub in Colorado over the weekend. The Walmart shooting also happened as people were picking up last-minute items for Thursday Thanksgiving meals, and days before shoppers are expected to flock to stores to take advantage of Black Friday deals.

5. Biden extends the student loan pause

Getty: US President Joe Biden speaks about student debt relief at the Central New Mexico Community College Student Resource Center in Albuquerque, New Mexico on November 3, 2022.

Getty Images | saul loeb

The administration of President Joe Biden said Tuesday that it extended a pause on federal student loan payments through June, or before then if the courts allow Biden’s student loan forgiveness program to take effect. Last week, a federal appeals court halted the plan, which offers up to $20,000 in loan forgiveness, with a nationwide court order. “We are extending the payment pause because it would be deeply unfair to ask debtors to pay a debt that they would not have to pay, were it not for the unsubstantiated lawsuits filed by Republican officials and special interests,” said Education Secretary Miguel Cardona. he said Tuesday.

– CNBC’s Sarah Min, Jordan Novet, MacKenzie Sigalos and Annie Nova contributed to this report.

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