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- The S&P 500 and Dow Jones Industrial Average fell on Monday, retreating from all-time highs.
- New reports from Lowe’s and Macy’s were released on Tuesday, showing that retail profits are on track.
- The Federal Trade Commission is suing to block the planned merger of grocery chains Kroger and Albertsons.
Here are the most important news items investors need to start their trading day:
The S&P 500 and Dow Jones Industrial Average fell on Monday, retreating from their respective record highs set on Friday. The S&P closed 0.38% lower and the Dow 0.16% lower. The Nasdaq Composite Index also fell on Monday, dropping 0.13%. This is an early data point for investors watching whether last week’s rally from AI and Nvidia can be sustained. Follow us for live market updates.
A shopping cart is placed in front of a Lowe’s store in Pacoima, California on November 21, 2023.
Justin Sullivan | Getty Images
Retail revenue continues to rise, with two new reports released on Tuesday. Home center giant Lowe’s and struggling department store retailer Macy’s each reported fourth-quarter results before the market opened. Although Lowe’s beat analysts’ expectations, it took on fewer customer housing projects during the quarter. Macy’s announced a growth strategy that included closing 150 stores, while also reporting another quarter of declining sales. Later this week, investors will receive quarterly reports from TJX, Best Buy and Birkenstock.
Sopa Images | Light Rocket | Getty Images
The Federal Trade Commission filed a lawsuit Monday seeking to block the planned merger of grocery chains Kroger and Albertsons. This is a largely expected challenge from an administration that has taken a hard line on business combinations. The merger, first announced in October 2022 for $24.6 billion, will combine approximately 5,000 grocery stores across more than 20 supermarket banners. The FTC, along with nine state attorneys general, argues that increased size would reduce competition and result in higher prices for shoppers. Grocery chains say the merger will make them more competitive with the likes of Walmart, Amazon and Costco, and ultimately improve pricing for customers.
JPMorgan Chase President and CEO, Chairman and CEO Jamie Dimon speaks on CNBC’s Squawk Box during the World Economic Forum Annual Meeting in Davos, Switzerland on January 17, 2024.
Adam Garisi | CNBC
In other areas of M&A, JPMorgan Chase CEO Jamie Dimon said he’s not worried about a potential Capitol One-Discovery partnership, saying he’s fully committed to competing. . The merger, announced earlier this month for a deal valued at $35.3 billion, will create the nation’s largest credit card lender, currently owned by JPMorgan. “My opinion is we should let them compete,” Dimon told CNBC’s Leslie Picker. “If we let them try it and we think it’s unfair, we’ll complain about it.” Dimon also touched on macroeconomics, noting there are risks to soft landings and artificial intelligence. “This is not hype. This is reality,” he said.
Bitcoin came back crying. The world’s largest cryptocurrency by market capitalization surpassed $56,000 overnight, rising 10% in two days and hitting a two-year high. This rally also boosted the broader crypto market, with Ethereum above its recent high of $3,200. This comes a little more than a month after the SEC approved the long-awaited Bitcoin ETF, and roughly 2 months after Bitcoin’s “halving event,” in which Bitcoin mining payouts are halved and the token’s value declines. It takes place a month in advance. Created.
—CNBC’s Hakyung Kim, Tanaya Macheel, Melissa Repko, Hugh Son, Jeff Cox, Jesse Pound and Dylan Butts contributed to this report.
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