Newsletter Jan 19, 2023

3 things you must know

Big tech companies brace for lower profits, more layoffs
Keen to buttress margins and appease investor concerns at a time of slowing sales growth, big U.S. tech firms are expected to further reduce their workforce and costs for the coming months. America's five largest tech companies are expected to report a drop in profits for Q4 2022, as they adjust in a high-interest environment. In two weeks, Amazon and Meta are expected to report the biggest declines. Big tech companies are projected to be among the biggest drags to the S&P 500's eleven sectors.
SEE ANALYSTS' PROJECTIONS FOR THE TOP TECH FIRMS

US retail sales fell sharply in December as Fed takes note
U.S. retail sales fell more than expected in December, led down by declines in purchases of automobiles and other goods, putting consumer spending and the overall economy on a weaker growth path entering 2023. The broad drop in sales reported Wednesday, together with subsiding inflation, are likely to encourage the Federal Reserve to scale back the pace of its interest rate hikes.
SEE THE FEDERAL RESERVE'S GOAL OF 5% BENCHMARK

Homebuilder confidence improves for the first time in a year
Confidence among U.S. single-family homebuilders improved for the first time in more than a year in January, potentially signaling the housing slump may have reached its low point even as construction firms' sentiment remains decidedly bearish. The uptick snapped a record-long string of 12 consecutive monthly declines that had dragged the index to the lowest in a decade.
SEE THE NAHB DATA AND WHAT IT MEANS FOR HOUSING

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Markets

DJIA	33,296.96	-1.81%
S&P 500	3,928.86	-1.56%
Nasdaq Composite	10,957.01	-1.24%
Japan: Nikkei 225	26,791.12	2.50%
UK: FTSE 100	7,830.70	-0.26%
Crude Oil Futures	79.13	-0.44%
Gold Futures	1,908.70	0.09%
Yen	128.45	-0.37%
Euro	1.08	0.03%
* As of market close

Lawyers lick chops to get Musk on the stand

Tesla CEO Elon Musk prepares to take the stand at a trial to determine whether he misled investors about taking the company private in 2018, and the billionaire can expect his tweets, public comments and his thin skin to be used against him, legal experts said. Musk, who is expected to be called as a witness in federal court this week, has shown in past testimony his disdain for probing questions from opposing lawyers.

HOW LAWYERS PLAN TO USE MUSK'S HUBRIS AGAINST HIM

Trump planning comeback to social media

A lawyer for the 2024 Trump campaign is urging Facebook to unblock the former president's account on the social media site after it was suspended following the Capitol attack on Jan. 6, 2021. The Trump campaign formally petitioned Meta to unlock the former president's Facebook account on Tuesday. Trump was also banned from Twitter, but his account has been reinstated and he is considering a return.

WHY TRUMP CAN'T RELY ON HIS TRUTH SOCIAL IN CAMPAIGN

World's oldest person title changes hands

A Spanish great-grandmother who was born in the U.S. is likely the world's oldest living person at 115, Guinness World Records said. Maria Branyas Morera is believed to have assumed the title following the death on Tuesday of French nun Lucile Randon at 118. Before making it official, Guinness will check records of Branyas Morera, who has survived the 1918 flu, two world wars and Spain's civil war.

FIND OUT THE 115-YEAR-OLD WOMAN'S SECRET TO LONGEVITY

A wonderful life

Who was the longest-living person on record, and how old were they?

Wednesday's answer: Author A.A. Milne, creator of the "Winnie the Pooh" series, had the 141st anniversary of his birth celebrated on Jan. 18.

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