5 things to know before the stock market opens Wednesday, January 11th

Tech stocks are listed on NASDAQ.

Peter Kramer | CNBC

Here are the top stories investors need to start their trading day:

1. The Nasdaq stock market is warming up

2. Wells Fargo Scores Mortgage Business

People walk past a Wells Fargo branch on January 10, 2023 in New York City.

Leonardo Munoz | Watch press | Corbis News | Getty Images

Wells Fargo It was the nation’s largest mortgage lender as of 2019. Now, as the big bank faces tougher regulatory scrutiny and higher interest rates, it’s taking A big step back from the housing market. That would bring it more in line with rivals such as JPMorgan Chase and Bank of America, which slashed their share of the mortgage market in the aftermath of the 2008 financial crisis. “We’re very aware,” Wells Fargo’s head of consumer lending, Clipper Santos, told CNBC’s Hugh Son. We’ve been around Wells Fargo since 2016 and the work we need to do to win back the public’s trust.” “As part of that review, we determined that our home lending business was very large, both in terms of overall size and scope.”

3. Powell is getting rid of political pressure

Federal Reserve Chairman Jerome Powell: Price stability is the cornerstone of the economy

The Federal Reserve hears it from all sides as its policymakers try to tame inflation by raising interest rates. Critics of the central bank said it took too long to address the problem, as prices jumped by the highest level in four decades. Now they say the Fed is doing too much to fix it, which could put the economy at risk of recession. That’s why, said Chairman Jerome Powell, it’s a good thing The Federal Reserve Board is politically independent. “The absence of direct political control over our decisions allows us to take these necessary measures without taking into account short-term political factors,” he said Tuesday in prepared remarks for Sweden’s Riksbank. The Fed’s next rate-setting meeting is scheduled for January 31 and February 1.

4. World Bank warning

Why the World Bank lowered its global growth forecast

The World Bank has grown More pessimistic about the global economy, which significantly lowers its growth forecast. “Global growth has slowed to such an extent that the global economy is dangerously close to recession,” the foundation said on Tuesday. Overall, it said it now expects global economic growth to reach 1.7% this year, down from a previous demand of 3%. The World Bank has significantly lowered its forecast for economic growth in the US as well: it fell to 0.5% from its previous forecast of 2.4%. If realized, the World Bank said, it would mark the third slowest pace of growth in about 30 years, trailing only a slowdown caused by the financial crisis and the Covid pandemic.

5. High drama in WWE

The Chairman of the Board of Directors of World Wrestling Entertainment Inc. was introduced. Vince McMahon during WWE Monday Night Raw at the Thomas & Mack Center on August 24, 2009 in Las Vegas, Nevada.

Ethan Miller | Getty Images

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