What happened this weeK

This past week concluded the Midterm election results, the Republicans took the House, with the House Democratic leader Nancy Pelosi resigned after 20 years, the Democrats held the Senate and Donald Trump announced his candidacy for President 2024.

As we enter into Thanksgiving week and Black Friday/Cyber Monday sales, investors are hoping for better than expected sales to open the Christmas shopping season, recent quarterly earnings from major retailers have fallen short of expectations or announced layoffs and cutbacks.

Shares in Disney jumped almost 10% on Monday pretrading after they announced replacing CEO Bob Chapek with Bob Iger, Iger, who worked for 15 years as Disney’s chief, had said previously that he would not return to the job. Chapek took over reigns of the company just before the Covid pandemic, when Disney took big hits from theme park to movie theatre closures. The market however seems to have reacted very well to news Iger will be returning to the helm.

Since Elon Musk’s take over of Twitter, he has unlocked a number of high profile and highly controversial accounts, Kanye West and Donald Trump to name a couple.

Carvana fell 3.9% in the premarket after The Wall Street Journal quoted analysts as saying the online used car retailer could run out of cash within a year. Carvana said on Friday that it was laying off about 1,500 workers.

Coinbase slid 6.8% in premarket trading, with the cryptocurrency exchange’s shares falling in the wake of rival FTX’s bankruptcy. Whilst Coinbase is not another FTX, lack of confidence in the crypto space is hitting the industry hard.

Looking ahead to this week, it will be a quiet week for markets:

Wed Nov 23rd: Durable Goods Order, Jobless Claims, S&P US Manufacturing PMI

Thurs Nov 24th: HAPPY THANKSGIVING