My top 10 things to watch Thursday, December 1, 2022
1. The new seasonal bull month starts higher after Wall Street closed a strong November with a powerful rally led by the Federal Reserve on Wednesday. Fed Chairman Jerome Powell said smaller future interest rate hikes are likely after four straight increases of 75 basis points. This is despite Powell also adding that he wants to see more progress on inflation.
2. The Fed’s preferred October inflation gauge was colder than estimates on Thursday morning. Much better than the previous month. The government’s monthly employment report came out on Friday.
3. club outfit Selling power (CRM) saw the departure of co-CEO Bret Taylor, again leaving co-founder Marc Benioff as sole CEO. The real reason for Taylor’s exit really has to do with the huge opportunity he has from his experience as president of Twitter. Salesforce shares fall 7% in premarket. But I think this is an overreaction and overlooks strong quarterly results.
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