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

Here are the most important news, trends and analysis investors need to start their trading day:

1. Wall Street looks stable after falling tech stocks

Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.

Spencer Platt | Getty Images

U.S. equity futures were relatively flat on Tuesday, with tech stocks under pressure ahead of the market as bond yields rose. The tech-heavy Nasdaq suffered the bulk of Monday’s selling as the 10-year Treasury yield rose to around 1.63% following President Joe Biden’s re-appointment of Jerome Powell as chairman of the Federal Reserve. Wall Street initially rose on Powell’s announcement, with the Nasdaq and S&P 500 hitting intraday highs before falling 1.26% and 0.3%, respectively. The Dow Jones gained over 300 points at one point before giving up most of those gains at the close. The 30-stock average remained over 2% of its all-time highs of November 8.

2. The United States and other countries will exploit their strategic oil stocks

Bloomberg | Bloomberg | Getty Images

The United States said on Tuesday it would tap its strategic reserve of oil as part of a global effort by energy-consuming countries to calm the rapid rise in fuel prices this year. The publication coordinated by the United States, India, China, Japan, South Korea and the United Kingdom is a first of its kind. It is designed to stop the surge in energy prices after OPEC and its allies fought back repeated requests by the United States and other countries to pump faster to meet growing demand. Biden faces low approval rates in part due to high prices for gasoline and other consumer items during the economic recovery from the pandemic.

3. White House says US will not use lockdowns to fight Covid

Jeff Zients, White House Covid-19 coordinator, speaks at a White House press conference on April 13, 2021.

Leigh Vogel | Bloomberg | Getty Images

The Biden administration does not intend to curb future outbreaks of Covid by using a nationwide lockdown, White House coronavirus response coordinator Jeff Zients said in a briefing Monday. Instead, the federal government would rely on vaccines and therapeutics to keep the country going, he said. Covid cases in the United States peaked at between 70,000 and 75,000 per day for nearly three weeks from the end of October. They have recently increased again in the average range of 90,000 per day. Zients’ comments came as Austria began its fourth national lockdown and the Netherlands instituted a partial lockdown as infections rose in Europe.

4. Zoom shares fall as revenue growth continues to slow

Zoom founder Eric Yuan speaks before the Nasdaq opening bell ceremony on April 18, 2019 in New York City.

Kena Betancur | Getty Images

Zoom Video Communications shares fell more than 8.5% in pre-market on Tuesday, the morning after the company reported a continued slowdown in revenue growth following explosive activity in the early days of Covid. Revenue of $ 1.05 billion in the most recent quarter ended Oct. 31 exceeded estimates and increased 35% from the previous year. Previous quarters saw revenue growth of 54% and 191% year-over-year, respectively. For the next quarter, the company is experiencing 19% revenue growth. For the October quarter, Zoom exceeded profit estimates and increased for the next quarter.

5. Best Buy, Urban Outfitters Shares Collapse On Higher Costs

An employee brings a television into a customer’s car at a Best Buy store in Orlando, Florida.

Paul Hennessy | SOPA Pictures | LightRocket | Getty Images

Best Buy fell 11% on Tuesday before market launch, with investors worried about rising shipping costs and lower demand for consumer electronics going forward. Ahead of the bell, the company reported higher than estimated quarterly earnings and revenue. However, analysts fear that Best Buy will experience a tough combination in the coming year, with consumers shifting spending to other areas such as travel and entertainment.

PASADENA, CA – MAY 22: The exterior view of Urban Outfitters signage is seen on May 22, 2021 in Pasadena, California. (Photo by RBL / Bauer-Griffin / GC Images)

RBL / Bauer-Griffin | GC Images | Getty Images

Urban Outfitters fell 11% in pre-market trading after the retailer’s last quarter reflected a move towards more online sales, which pushed up spending amid higher delivery costs and higher wages in its distribution and distribution centers. Still, Urban Outfitters reported earnings per share and earnings above expectations on Monday.

Correction: Zoom Video Communications expects revenue growth of 19% for its fiscal fourth quarter. An earlier version distorted the figure.

– Reuters contributed to this report. Follow all market actions like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.

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