5 things to know before the stock market opens Wednesday, November 9

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 7, 2022. 

Brendan Mcdermid | Reuters

Here are the most important news items that investors need to start their trading day:

1. Markets and gridlock

2. State of the big races

Democratic candidate for U.S. Senate Lt. Governor John Fetterman delivers remarks at a campaign stop ahead of the 2022 U.S. midterm elections in Philadelphia, Pennsylvania, November 7, 2022.

Hannah Beier | Reuters

3. Meta lays off thousands

Mark Zuckerberg during Metaverse conversation on CNBC

Source: CNBC

Mark Zuckerberg’s would-be metaverse company, Meta, said Wednesday it will lay off more than 11,000 employees, or about 13% of its workforce. The job cuts come after a sobering earnings report from Meta last month, when it posted surging costs and declining ad revenue. Zuckerberg has been plowing billions of dollars into its nascent online metaverse, which has suffered from declining user numbers and widespread mockery over its cartoonish graphics. Stock of the company, which also includes social media apps Facebook and Instagram, is down over 70% this year as of Tuesday’s close. Its market cap, once above $1 trillion, is now about $255 billion.

4. Tragic kingdom

Bob Chapek, Chief Executive Officer of Disney, speaks at the 2022 Disney Legends Awards during Disney’s D23 Expo in Anaheim, California, September 9, 2022.

Mario Anzuoni | Reuters

Not great, Bob. Disney‘s earnings report Tuesday disappointed in just about every way. Profit missed Wall Street’s expectations by a wide margin. Revenue fell short, too, dragged down by soft performance by the company’s media and entertainment segment. Even the silver linings were offset by gray clouds. Disney+ streaming subscriptions topped expectations, but its high costs ate into the bottom line, and the company expects growth to slow in the current quarter. Disney’s parks and cruises segment posted record revenue, according to CEO Bob Chapek, but even that didn’t live up to analysts’ projections.

Read more: Disney wants you to focus on revenue and profit instead of subscribers — just not now

5. Bitter fighting in Ukraine

A view of damage after shelling on Nov. 5, 2022, in Donetsk, Ukraine.

Anadolu Agency | Anadolu Agency | Getty Images

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