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Stock market worries, crypto fallout, and doubts of a Santa Claus rally top week ahead


Last week’s awful stock market performance has left many wondering whether the fears of a looming recession will finally be realized this week. Investors will be busy trying to locate the signal through all the noise.

Additionally, the decision by the Federal Reserve, under the leadership of Jerome Powell, to raise the interest rate another 50bps did little to bridge the stubborn gap between inflation and the Fed’s 2% goal.

Sam Bankman-Fried’s arrest last week has seen investors become skeptical of crypto in general, with $6 billion being withdrawn from one FTX competitor, Binance, alone.

Federal Reserve Chairman Jerome Powell

Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, July 27, 2022. (Manuel Balce Ceneta / AP Images)

Investors will also watch for two IPOs this week, including AlphaVest Acquisition Corp. and Intchains Group.

DOW PLUNGES IN PERFECT STORM FOR STOCKS

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32920.46 -281.76 -0.85%
SP500 S&P 500 3852.36 -43.39 -1.11%
I:COMP NASDAQ COMPOSITE INDEX 10705.414143 -105.11 -0.97%

Monday, December 19

After the EU and the US agreed to implement a price cap for Russian crude oil, this week will start off on Monday with EU ministers discussing another price cap, this time on the price of natural gas used to heat homes and power industry.

The World Trade Organization will begin a general council meeting that will run through Tuesday in Geneva. The WTO, designed to promote trade, is facing unprecedented hurdles this year as increasing global tensions have led many countries to rescore their manufacturing capabilities over national security concerns.

There will be no earnings of note before the bell, but Steelcase Inc. will report its earnings after the bell.

Ticker Security Last Change Change %
SCS STEELCASE INC. 6.60 -0.04 -0.60%

The main economic data reported on Monday is the NAHB housing market index.

Tuesday, December 20

Tuesday will see a deadline for commissioners to approve Georgia Power’s proposed 12% rate hike. Allowing the hike could hurt Georgia-based companies directly through increased electricity costs and indirectly through increased cost of living of Georgian employees that would likely ask for higher wages to compensate.

EU competition enforcement arm is slated to finish its first antitrust probe of Broadcom’s acquisition of VMware in a $61 billion deal.

Earnings before the market open will include FactSet Research Systems and General Mills.

Ticker Security Last Change Change %
FDS FACTSET RESEARCH SYSTEMS INC. 428.33 -2.74 -0.64%
GIS GENERAL MILLS INC. 86.91 -0.11 -0.13%

After the bell investors will be focused on BlackBerry, FedEx and Nike.

Ticker Security Last Change Change %
BB BLACKBERRY LTD. 4.21 -0.06 -1.41%
FDX FEDEX CORP. 171.73 -1.42 -0.82%
NKE NIKE INC. 105.87 -2.65 -2.44%

Economic data published on Tuesday will include building permits and housing starts.

Wednesday, December 21

With more and more car makers shifting to electric vehicles, one Italian car designer has driven a different route. Bertone, which gave the world the Lancia Stratos and Lamborghini’s iconic Countach, will unveil, on Wednesday, a Hypercar that uses fuel made from plastic waste.

Earnings before the market open will include Cintas and Rite Aid. Rite Aid has suffered heavily from increased sink, the industry codeword for stolen goods. As crime has continued to go largely unchecked in major cities, investors should expect more talk of sink this week.

RITE AID EXEC: IMPOSSIBLE TO STOP NYC STORE THEFTS

Ticker Security Last Change Change %
CTAS CINTAS CORP. 445.28 +0.77 +0.17%
RAD RITE AID CORP. 4.25 +0.03 +0.59%

After the bell, investors will hear from Micron Technology, a Boise, Idaho-based company focused on semiconductor manufacturing.

Ticker Security Last Change Change %
MU MICRON TECHNOLOGY INC. 52.07 +0.03 +0.06%

Economic data attractive to investors on Wednesday will include mortgage applications, current accounts, consumer confidence, existing home sales, and the EIA weekly crude stocks.

Thursday, December 22

Thursday will see investors await news from a hearing on the final sale of cryptocurrency lending platform Celsius Network’s assets, as it liquidates in bankruptcy court.

Earnings before the market opens will include CarMax and Paychex, with Thursday having no earnings of note after the bell.

Ticker Security Last Change Change %
KMX CARMAX INC. 61.46 -3.99 -6.10%
PAYX PAYCHEX INC. 115.96 -1.12 -0.96%

Economic data reported on Thursday will include corporate profits, GDP, initial jobless claims, national activity index, and index of leading economic indicators

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Friday, December 23

Friday will mark the last day that employees of Amazon can take a voluntary severance offer, as the logistics giant aims to tighten its belt as fears of a recession mount.

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 87.86 -0.59 -0.67%

Friday will not have any earnings of note, but a plethora of economic data will keep analysts busy as we go into Christmas weekend. 

Friday will see building permits, personal income, personal consumption, durable goods, the U of Michigan consumer sentiment index, and new home sales reported.



Read More: Stock market worries, crypto fallout, and doubts of a Santa Claus rally top week ahead

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