1. The Federal Reserve Expected to Hold Interest Rates Steady
The Federal Reserve is expected to maintain interest rates steady in the range of 5.25% to 5.5% – the highest level since 2001 – when the central bank announces its interest rate decision at 2 PM Eastern Time. This decision comes after yesterday’s report showed a slowdown in core inflation. Federal Reserve Chairman Jerome Powell will hold a press conference at 2:30 PM Eastern Time.
2. Tesla Issues Recall Due to Autopilot System Update
Tesla (TSLA) has issued a recall for over 2 million vehicles after the National Highway Traffic Safety Administration determined that the Autopilot driver assistance system does not do enough to maintain driver attention. Tesla stated in the recall report that it will implement an over-the-air software fix. Tesla’s shares fell by 1.4% in pre-market trading.
3. Economists Expect Increase in Wholesale Inflation
The Producer Price Index (PPI) is expected to show a 0.1% increase in wholesale prices month-over-month in November, reversing the trend after a 0.5% decline in October, when the data is announced at 8:30 AM Eastern Time. The Core PPI, which excludes fuel and food costs, is expected to rise by 0.2% in November, compared to 0.1% in October.
4. Temporary Closure of Cal-Maine Foods Plant in Kansas Due to Bird Flu Detection
Cal-Maine Foods (CALM) has announced a temporary closure of a facility in Kansas after tests revealed some chickens contracted bird flu, affecting about 684,000 hens, or approximately 1.6% of its flock. Cal-Maine clarified that these infections do not pose an immediate health risk and do not threaten the food supply, noting that no infected eggs have been brought to market and no eggs have been recalled. Cal-Maine Foods’ shares fell by about 0.4% in pre-market trading.
5. Caribou Biosciences Shares Rise After FDA Approval of Lymphoma Drug Trial
Caribou Biosciences (CRBU) shares rose nearly 3% in pre-market trading after the FDA approved the design of a lymphoma treatment trial. The company plans to start Phase 3 of the trial for CB-010 treatment for large B-cell lymphoma by the end of 2024.
These are the top financial news stories for December 13, 2023. Do you have a news tip for Investopedia reporters? Please email us at [email protected]
Source: https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-december-13-2023-8415228
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