Santa Claus rally, FTX fallout and restart of Keystone peak week ahead

Investors are ready this week to see if Christmas miracles really do come true with hopes of a Santa Claus meeting. So far, the Nasdaq is down 8.7% in 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 focused on FTX this week after co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both pleaded guilty in federal court. Both must cooperate with the authorities.

Initial public offerings this week could include biotech Coya Therapeutics, healthcare 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 %
In: COMP NASDAQ COMPOSITE INDEX 10497.862896 +21.74 +0.21%
SP500 S&P 500 3844.82 +22.43 +0.59%
Me: DJI DOW JONES AVERAGE 33203.93 +176.44 +0.53%

Monday, December 26

The markets are closed on Monday for Christmas. Here are some financial steps you must take before the end of the year.

Tuesday, December 27

Tuesday brings economic data, including the Federal Housing Finance Agency’s monthly home price index, which is expected to fall 0.30% from last month but is still expected to be up 9.1% year over year.

Last month, William Doerner, the supervising economist in the FHFA’s Division of Research and Statistics, commented: “U.S. home price growth has slowed significantly. This slowdown is widespread with about a third of all states and metropolitan areas recording annual growth below 10 percent.”

On Tuesday, Case-Shiller’s house price index will also be seen. Observers expect the measure to fall by 1.2% month on month. Home prices are falling as high mortgage rates discourage buyers from entering the market. Mortgage rates remain almost double what they were a year ago, despite falling for six straight weeks.

Mortgage interest rates continue their downward trend and fall for the sixth week

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

Tuesday also marks the deadline for certification of new versions of the Boeing 737 Max, -10 and -7, and retrofitting of existing aircraft; However, as part of the spending bill passed by the Senate last week, Boeing has been granted an exemption and will no longer have to make the safety changes.

CONGRESS INCLUDES WAIVER FOR BOEING’S NEW 737 MAX JETS IN OMNIBUS UTILIZATION BILL

Boeing-737-Max-10 jet

The 737-10, the largest member of the 737 MAX family, will give operators more capacity, greater fuel efficiency and the best economy per seat of any aircraft all at once. (Boeing)

CLICK HERE TO GET THE FOX BUSINESS APP

There are no scheduled earnings calls.

Wednesday 28 December

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

A surface barrier in the stream prevents oil from flowing down the river.

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

The Ministry of Energy’s deadline for bids 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 intended for a polar orbit, while the second rocket, which could be launched on Thursday instead, will launch the EROS C3 high-resolution Earth-imaging satellite for ImageSat International.

EGG PRICES AT ALL HIGH

Egg producer Cal-Maine Foods will announce second-quarter financial results after the market closes. Egg prices have skyrocketed due to inflation,

Ticker Safety Last Change Change %
CALM CAL-MAINE FOODS INC. 64,63 +1.55 +2.46%

Thursday 29 December

No earnings are scheduled for Thursday.

Economic data will include weekly unemployment claims. Initial claims are expected to rise to 220,000, while continued jobless claims are projected to remain around 1.67 million. The Energy Information Administration publishes its weekly petroleum status report.

Friday 30 December

On Friday, the announcement of the bid results for the Alaska oil and gas sale for the Cook Inlet area will be made public.

The last trading day of 2022 will see the release of the Chicago Purchasing Manager’s Index, but no major earnings report

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Leave a Reply

Your email address will not be published. Required fields are marked *