By 5 things to know before the stock market opens Thursday
Here are the most important news items that investors need to start their trading day:
1. Holiday bummer
Stocks fell into a funk Wednesday, as investors digested a woeful earnings report from big box retailer Targethere.
2. Nvidia’s good enough report
Chip and software maker Nvidiaoutperformed projections. The company supplies many computer makers and cloud providers, making it a closely watched indicator for the tech industry. While Nvidia said sales of its gaming division fell 51% since the prior-year period, driven by macroeconomic conditions, the company’s data center business enjoyed 31% sales growth. All in all, investors took the report in stride. Shares of Nvidia were up more than 1% in off-hours trading.
3. Starbucks sees red
Starbucks Workers United, the union representing baristas at a growing number of the coffee giant’s cafes, plans to strike Thursday at more than 100 locations nationwide. Thursday is also Starbucks
4. GOP wins the House
It took just over a week, but now it’s confirmed that the Republican Party will take control of the House of Representatives in January, while the Senate will remain in Democrats’ hands. That means Nancy Pelosi’s days as speaker of the House are likely over for good as the 82-year-old Democratic leader considers her next steps while her husband recovers from a brutal hammer attack. (Pelosi is expected to discuss her future Thursday.) California Republican Kevin McCarthy, who had been the minority leader in the House during the past few years, is poised to take the speaker’s gavel. The House majority will give the GOP an effective veto over President Joe Biden’s more ambitious agenda items over the next two years, but the party also must contend with stark divisions within as loyalists to former President Donald Trump will seek to assert themselves.
5. Russia attacks Ukraine’s energy network
Russia unleashed another missile barrage on Ukraine, specifically targeting the country’s energy network. Russian attacks have already done significant damage to infrastructure in Ukraine’s cities, even as Ukrainian forces make progress on the battlefield, seizing back territory that had been claimed by Moscow’s armies. Russian missiles have also hit residential areas. “The enemy thinks that he will weaken our defense with strikes on energy and will be able to hit us in the back. This is a naive tactic of cowardly losers that we are ready for,” said top Ukrainian official Andriy Yermak. Read live war updates here.
– CNBC’s Alex Harring, Kif Leswing, Amelia Lucas, Kevin Breuninger and Holly Ellyatt contributed to this report.
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