5 things to know before the stock market opens on Wednesday, March 13th

Here are the most important news items investors need to start their trading day:

Stocks rose on Tuesday as investors resumed buying high-flying tech stocks such as Nvidia (up 7% on the day) and Metaplatform (up 3%). The Dow Jones Industrial Average rose 235.83 points, or 0.61%, the S&P 500 rose 1.12% to a new closing high, and the Nasdaq Composite Index rose 1.54%. Another positive factor was that inflation statistics were largely in line with expectations. “As earnings, inflation and interest rates continue to trend in the right direction, it’s proving difficult to see what will stop the market momentum,” said Skyler Weinand, chief investment officer at Regan Capital. said. Follow live market updates here.

IBM has told employees in its marketing and communications department that it will reduce the number of employees. Jonathan Adashek, IBM’s chief communications officer, led the roughly seven-minute video conference during which the announcement was made, according to people familiar with the matter. The news comes after IBM announced plans to replace about 8,000 jobs with AI in early 2023, after IBM CEO Arvind Krishna told CNBC in December that the company “We have significantly improved the skills of all our employees,” he said. IBM said in a statement that it expects to “end 2024 at approximately the same employment levels as we began.”

Adidas warned that sales in North America will continue to be weak as it continues to sell remaining Yeezy inventory. The German shoemaker expects sales in North America, which are not affected by exchange rates, to decline by a mid-single-digit percentage in 2024. However, the company struck a more positive tone overall, stating that sales are expected to grow at a mid-single-digit rate, which is rare worldwide. . Adidas ended its relationship with rapper Ye (formerly Kanye West) after he made a series of anti-Semitic comments in 2022, discontinuing the Yeezy brand. The discontinuation of Yeezy resulted in a year-over-year loss of approximately 500 million euros ($546 million). However, the sale of some remaining inventory in the second and third quarters resulted in a decline in net sales It had a positive impact of approximately 750 million euros.

Some of Boeing’s top buyers are starting to feel the effects of the latest Max crisis. Southwest Airlines, which operates only Boeing 737s, as well as Alaska Airlines and United Airlines, which operate only Boeing 737s, are reconsidering their growth plans for this year due to the impact of delayed aircraft arrivals. said it was necessary to do so. “Boeing needs to become a better company, and deliveries will follow,” Southwest Airlines CEO Bob Jordan said at a JPMorgan industry conference on Tuesday. Boeing is struggling to stabilize its supply chain as it grapples with growing quality control issues. Production growth has also been slow, and certification of new aircraft is years behind schedule.

CNBC spent nearly eight months investigating the organized retail crime syndicate, working with various law enforcement agencies and gaining a glimpse into the complex layers of the organization. Businesses call retail theft an industry-wide dilemma, citing reduced profits from crime, an inability to hire and retain staff, and a degraded in-store experience. Some of the incidents seen by CNBC included low-level shoplifting cases involving people who appeared to be homeless or mentally ill. However, in a separate incident, CNBC reported that police had busted an organized theft ring that they said was reselling stolen goods at a flea market. Police say the group has been active for more than a decade and made millions of dollars by reselling stolen cosmetics on Amazon.

—CNBC’s Brian Evans, Jeff Cox, Hayden Field, Elliott Smith, Leslie Josephs, Gabriel Fonrouge, Scott Zamost and Courtney Regan contributed to this report.

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