Santa Claus Rally, FTX Fallout and Keystone’s Top Week Restart

Investors are poised to see if Christmas miracles really come true this week, with hopes for a Santa Claus rally. So far over the past month, the Nasdaq is down 8.7%, 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 Jan. 3, 2023, investors will still be focused on FTX this week after co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both pleaded guilty in federal court. Both should cooperate with authorities.

IPOs this week could include biotech company Coya Therapeutics, healthcare technology company Nava Health MD, wealth and wealth manager Prestige Wealth, and marine bunker facility provider CBL International.

FTX Sam Bankman Fried Court

Sam Bankman-Fried exits federal courthouse in New York City on Thursday, December 22, 2022. The former FTX and Alameda CEO has been released on $250 million bail. (Charles Guerin/Abaca for Fox News Digital/Fox News)

BERNIE MADOFF’S ATTORNEY SAYS SAM BANKMAN-FRIED SHOULD ‘HOLD THE GRIP’

ticker security Last change change %
I: COMP NASDAQ COMPOSITE INDEX 10497.862896 +21.74 +0.21%
SP500 S&P500 3844.82 +22.43 +0.59%
Me: DJI DOW JONES AVERAGES 33203.93 +176.44 +0.53%

Monday, 26.12

The markets are closed on Mondays for Christmas. Here are some financial steps you need to take before the end of the year.

Tuesday, 12/27

Tuesday will bring economic data including the Federal Housing Finance Agency’s monthly home price index, which is expected to fall 0.30% since last month but is still expected to rise 9.1% year-on-year.

Last month, William Doerner, senior 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 a third of all states and metropolitan areas reporting annual growth below 10 percent.”

Also on Tuesday is the Case-Shiller Home Price Index. Observers expect the figure to fall by 1.2% month on month. Home prices fall as high mortgage rates discourage 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 DOWNTREND, FALLING FOR THE SIXTH WEEK

To deal with high inflation and higher costs, UPS will increase delivery fees on Tuesday. Investors will be watching this closely to see how resilient shipping demand is.

Tuesday also marks the deadline for certification of new versions of the Boeing 737 Max, the -10 and -7, and retrofitting of existing aircraft; However, under the spending bill passed by the Senate last week, Boeing was granted an exemption and no longer has to make the safety changes.

CONGRESS INCLUDES WAIVER OF BOEING’S NEW 737 MAX JETS IN BUS EXPENSES

Boeing 737 Max 10 jet

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

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There are no significant scheduled earnings calls.

Wednesday, 12/28

On Wednesday, TC Energy hopes to get the Keystone pipeline back online after it was shut down in early December after 14,000 barrels of oil spilled into a Kansas stream.

The surface boom in the creek prevents oil from flowing downstream.

A remediation contractor deploys a boom on the surface of an oil slick after a Keystone pipeline ruptured in Mill Creek in Washington County, Kansas, December 8, 2022. Vacuum trucks, booms, and an emergency dam were erected on the creek to intercept t (Kyle Bauer/KCLY/KFRM Radio via AP/AP Newsroom)

The Department of Energy’s deadline for bids to replenish the Strategic Petroleum Reserve (SPR) is 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 batch of Starlink internet satellites destined for polar orbit, while the second rocket, which could launch on Thursday instead, will launch the EROS C3 high-resolution Earth imaging satellite for ImageSat International.

EGG PRICES AT ALL-TIME HIGH

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

ticker security Last change change %
QUIET CAL-MAINE FOODS INC. 64.63 +1.55 +2.46%

Thursday, 12/29

No significant income is planned for Thursday.

Economic data includes weekly jobless claims. Initial claims are expected to rise to 220,000 while jobless claims will remain at around 1.67 million. The Energy Information Administration releases its weekly petroleum status report.

Friday December 30th

Tender results for the State of Alaska’s Cook Inlet oil and gas leasehold sale will be announced on Friday.

The last trading day for 2022 will be the Chicago Purchasing Manager’s Index but no major earnings report

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