To begin their trading day, investors should be aware of the following key news items:
1. Pulling back
Retraction from their respective record highs on Friday was seen in the S&P 500 and Dow Jones Industrial Average on Monday. The Dow dropped 0.16%, and the S&P ended the day lower by 0.38%.
2. Roundup of retail
With two new figures released on Tuesday, retail earnings are continuing to rise. The troubled department store Macy’s and the massive home improvement chain Lowe’s both released their fourth-quarter financial reports prior to the market opening. Though fewer homeowners took on home improvement projects throughout the quarter, Lowe’s exceeded analysts’ expectations.
3. Attempting to compete with Kroger-Albertson
Grocery companies Kroger and Albertsons were planning to merge, but the Federal Trade Commission filed a lawsuit on Monday to stop it. From an administration that has taken a firm stance against corporate mergers, this challenge was widely expected. Over two dozen supermarket banners would house the approximately 5,000 stores owned by the grocers, as part of a merger initially announced in October 2022 for $24.6 billion.
4. “Allow them to compete”
In other M&A news, Jamie Dimon, the CEO of JPMorgan Chase, says he is not concerned about a potential merger between Capitol One and Discovery and is all for competition. The deal, which was valued at $35.3 billion when it was first disclosed last month, would make JPMorgan the largest credit card issuer in the country.
5. The return of bitcoin
Once again, bitcoin is booming. In just two days, the largest cryptocurrency in the world based on market capitalization surged to a two-year high, surpassing $56,000 overnight. The surge helped the whole cryptocurrency market as well; Ethereum just hit a high of more than $3,200.
Source (CNBC)
