5 things to know before the stock market opens on Friday

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

While the Federal Reserve has signaled it will raise interest rates in small increments, central bank officials have firmly insisted that there is still a long way to go to bring inflation under control. It’s been a wet blanket for stocks this week. The latest comments to weigh on the market came from St. Louis Fed President James Bullard. “So far, the change in monetary policy stance appears to have had only limited effects on observed inflation, but market prices suggest that disinflation is expected in 2023,” Bullard said on Thursday. , a voting member of the Fed’s rate-setting committee. Stocks, in turn, crashed. Boston Fed President Susan Collins is scheduled to speak on Friday. Read live market updates here.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial reporting as has happened here.” That’s what John Ray III, the new CEO of FTX, said of the deposed crypto exchange company during a bankruptcy filing on Thursday. And he was the one who oversaw the collapse of Enron, so this quote alone should tell you a lot. But wait, there’s more. Thursday’s filing also detailed some staggering issues, including sloppy and unreliable accounting that requires in-depth and thorough analysis; examples of corporate funds used to purchase homes for employees; using emoji to approve expenses; and a much more intimate relationship between Alameda Research, FTX founder Sam Bankman-Fried, and the crypto firm than initially thought.

Elon Musk wanted his employees on Twitter to be more “hardcore”. And many responded in kind – by resigning and defying his orders. The struggling social media company was hit by a fresh wave of resignations on Thursday after Musk, who had already cut about half of the company’s workforce after taking it over weeks ago, told employees that they had until 5 p.m. ET to decide if they wanted to stay with the company and work “long, high-intensity hours.” His ultimatum was met with hundreds of greetings or “thank you for your service”, emojis and dozens of goodbye messages on a company Slack channel. It is not known how many people quit. “Entire teams representing critical infrastructure are voluntarily leaving the company, leaving the company in serious danger of being able to recover,” an engineer who resigned Thursday told CNBC.

Taylor Swift fans can’t get rid of it. The general public will not be able to buy tickets for the superstar’s next stadium tour on Friday. Ticketmaster, which is part of Live Nation, said Thursday the sale was canceled following a botched pre-sale process that resulted in issues, site outages and not enough tickets to meet demand. The company’s explanation? Essentially, “Look what you made me do.” Ticketmaster blamed record demand for all the problems. Greg Maffei, CEO of Liberty Media, the top nation live shareholder, told CNBC that Ticketmaster sold more than 2 million tickets on Tuesday and that demand “could have filled 900 stadiums.” And while disappointed fans want Ticketmaster to admit, “I’m the problem, I’m the one,” several lawmakers are pushing for Ticketmaster and Live Nation to be separated: as a merged company, they control 70% of the box office and live event venues. market.

A Russian missile attack left 10 million people in Ukraine without electricity, according to Ukrainian President Volodomyr Zelenskyy. While Ukraine has made significant progress against Russian forces on the battlefield in the south and east of the country, its cities are in trouble after aerial attacks on critical infrastructure and civilian areas. The situation has prompted the United Nations to warn of an even deeper humanitarian crisis in Ukraine as winter approaches. Read live war updates here.

– CNBC’s Alex Harring, Rohan Goswami, Lora Kolodny, Sarah Whitten and Natasha Turak contributed to this report.

— Register now for the CNBC Investing Club to follow Jim Cramer’s every stock market move. Follow the evolution of the market like a pro on CNBC Pro.