Markets

We’ve got a Santa rally, FTKS rainfall, and the Keystone Biggest Week reboot

Investors are ready this week to see if Christmas miracles really do come true with hopes of a Santa rally. So far, the Nasdaq is down 8.7% over 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 FTKS this week after co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison entered guilty pleas in federal court . Both are said to be cooperating with authorities.

Initial public offerings this week could include biotech Coia Therapeutics, healthcare technology Nava Health MD, wealth and asset manager Prestige Wealth and offshore bunkering facility supplier CBL International.

FTKS Sam Bankman-Fried Court

Sam Bankman-Fried leaves Federal Court in New York on Thursday, Dec. 22, 2022. The former FTKS and Alameda CEO was released on $250 million bail. (Charles Guerin/Abaca for Fox News Digital/Fox News)

BERNIE MADOFF’S LAWYER SAYS BANKMAN-FRIED HERSELF SHOULD ‘SHUT UP’

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 10497.862896 +21.74 +0.21%
SP500 S&P 500 3844.82 +22.43 +0.59%
I: DJI DOV JONES AVERAGES 33203.93 +176.44 +0.53%

Monday, December 26

Markets are closed on Monday for Christmas. Here are some financial moves you must make 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% on the year.

Last month, William Dorner, supervising economist in the FHFA’s Division of Research and Statistics commented, “The rate of growth in US home prices has slowed significantly. This slowdown is widespread with about one-third of all states and metropolitan statistical areas recording annual growth below 10 percent.”

Tuesday will also see the Case-Shiller home price index. Observers expect this measure to fall by 1.2% per month. Home prices are falling as high mortgage rates deter buyers from entering the market. Mortgage rates remain nearly double what they were a year ago, despite falling for six straight weeks.

MORTGAGE RATES CONTINUE DOWN TREND, FALLING FOR SIXTH WEEK

To combat high inflation and higher costs, UPS will increase shipping costs on Tuesday. Investors will be watching this closely to see how elastic shipping demand is.

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

CONGRESS INCLUDES NEW BOING 737 MAX JET APPROPRIATION IN OMNIBUS SPENDING

Boeing-737-Max-10-jet

The 737-10, the largest member of the 737 MAX family, will provide operators with greater capacity, greater fuel efficiency and the best economy per seat of any single-aisle aircraft. (Boeing)

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There are no scheduled earnings calls.

Wednesday, December 28

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 boom in the creek prevents the oil from flowing downriver.

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

The Ministry of Energy’s deadline for submitting bids for replenishment of strategic oil reserves (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 series of Starlink Internet satellites destined for polar orbit, while the second rocket, which could launch Thursday instead, will launch the EROS C3 high-resolution Earth imaging satellite for ImageSat International.

PRICES OF EGGS AT A HIGH TIME

Egg producer Cal-Maine Foods will report fiscal second-quarter earnings after the market closes. Egg prices have skyrocketed due to inflation,

Ticker Security Last Change Change %
CALM CAL-MAINE FOODS INC. 64.63 +1.55 +2.46%

Thursday, December 29

No significant earnings are scheduled for Thursday.

Economic data will include weekly jobless claims. Initial claims are expected to rise to 220,000, while permanent jobless claims are forecast to remain around 1.67 million. The Energy Information Administration publishes its weekly report on the state of oil.

Friday, December 30

On Friday, the results of the auction for the sale of oil and gas in the state of Alaska in the Cook Inlet area will be announced.

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

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