Main menu

Pages

Santa Rally, FTX Crash, and Keystone Restart the Week After

featured image

Investors are primed this week to see whether Christmas miracles really do come true in hopes of a Santa appearance. So far, the Nasdaq is down 8.7% from the past month, while the S&P 500 and Dow are down 4.5% and 3.3%, respectively.

While Sam Bankman-Fried’s next court date isn’t until January 3, 2023, investors will still be focusing on FTX this week after co-founder Gary Wang and former co-CEO of Alameda Research Caroline Ellison pleaded guilty in federal court. Both would be cooperating with the authorities.

This week’s initial public offerings could include biotech Coya Therapeutics, health technology Nava Health MD, wealth and asset manager Prestige Wealth and marine bunkering facility provider CBL International.

FTX Sam Bankman-Fried Court

Sam Bankman-Fried leaves Federal Court in New York City on Thursday, December 22, 2022. The former CEO of FTX and Alameda has been released on $250 million bail. (Charles Guerin/Abaca for Fox News Digital/Fox News)

BERNIE MADOFF’S LAWYER SAYS SAM BANKMAN-FRIED SHOULD ‘SHUT UP’

ticker Safety Last Change Change %
Me: COMP NASDAQ COMPOUND INDEX 10497.862896 +21.74 +0.21%
SP500 S&P 500 3844.82 +22.43 +0.59%
Me: DJI DOW JONES AVERAGES 33203.93 +176.44 +0.53%

Monday, December 26

The markets are closed on Monday in observance of Christmas. Here are some must-do financial moves to make before the end of the year.

Tuesday, December 27th

Tuesday brings economic data, including the Federal Housing Finance Agency’s monthly home price index, which is expected to decline 0.30% from last month but is still expected to rise 9.1% year-on-year.

Last month, William Doerner, the supervising economist for the FHFA’s Division of Research and Statistics, commented, “The rate of growth in US house prices has slowed substantially. This slowdown is widespread, with about a third of all states and metropolitan statistical areas recording annual growth below 10 percent.”

Tuesday will also see the Case-Shiller Home Price Index. Observers expect the measure to decline 1.2% month-on-month. Home prices are falling as high mortgage rates deter buyers from entering the market. Mortgage rates remain nearly double what they were a year ago, despite falling for six straight weeks.

MORTGAGE RATES CONTINUE DOWN TREND, FALLING FOR SIX WEEK

To deal with high inflation and higher costs, UPS will increase delivery rates on Tuesday. Investors will be watching this closely to see how elastic transport demand is.

Tuesday also ends the deadline for certification of new versions of the Boeing 737 Max, the -10 and -7, and the modernization of existing planes; however, as part of the bill passed by the Senate last week, Boeing was granted an exemption and will no longer need to make the safety changes.

CONGRESS INCLUDES EXEMPTION FOR BOEING’S NEW 737 MAX JETS IN THE OMNIBUS EXPENSE ACCOUNT

Boeing-737-Max-10-jet

The 737-10, the largest member of the 737 MAX family, will provide operators with more capacity, greater fuel efficiency and the best per-seat economy of any single-aisle aircraft. (Boing)

CLICK HERE TO GET THE FOX BUSINESS APP

There are no scheduled earnings calls worth noting.

Wednesday, December 28th

On Wednesday, TC Energy expects to restart the Keystone pipeline after it was shut down in early December after spilling 14,000 barrels of oil into a creek in Kansas.

Boom on creek surface prevents oil from flowing downstream.

A remediation company deploys a boom to the surface of an oil spill after a Keystone pipeline ruptured at Mill Creek in Washington County, Kansas on December 8, 2022. Vacuum trucks, booms and an emergency dam were deployed built in the creek to intercept t (Radio Kyle Bauer/KCLY/KFRM via AP / AP Newsroom)

The Department of Energy’s deadline for tenders to replenish the Strategic Petroleum Reserve (SPR) expires on Wednesday. President Joe Biden announced the release of 15 million barrels in October.

SpaceX is expected to launch two rockets on Wednesday. Both missions will use SpaceX Falcon 9 rockets. The first rocket will launch another batch of Starlink internet satellites destined for a polar orbit, while the second rocket, due to launch on Thursday, will launch the high-resolution Earth imaging satellite. EROS C3 for ImageSat International.

EGG PRICES ALWAYS UP

Egg producer Cal-Maine Foods will report fiscal second-quarter results after market close. Egg prices skyrocketed due to inflation,

ticker Safety Last Change Change %
CALM CAL-MAINE FOODS INC. 64.63 +1.55 +2.46%

Thursday, December 29th

No note earnings are scheduled for Thursday.

Economic data will include weekly jobless claims. Initial claims are expected to rise to 220,000, while ongoing jobless claims are expected to remain around 1.67 million. The Energy Information Administration releases its weekly oil status report.

Friday, December 30th

Friday will see the announcement of the results of the bidding for the sale of Alaska oil and gas leases for the Cook Inlet area.

The final trading day for 2022 will see the release of the Chicago Purchasing Manager’s Index, but no major earnings reports.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Comments