5 things you need to know before the stock market opens on Tuesday, November 23

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Here are the most important news, trends and analysis investors need to start a trading day:

1. Wall Street looks stable after the crash of technology stocks

Traders work on the trading floor of the New York Stock Exchange (NYSE) in New York City on October 25, 2021.

Spencer Pratt | Getty Images

US stock futures were relatively flat on Tuesday, and technology stocks were under pre-market pressure due to higher bond yields. After President Joe Biden re-nominated Jerome Powell as chairman of the Federal Reserve, the 10-year US Treasury bond yield rose to about 1.63%, and the Nasdaq index, which is dominated by technology stocks, was the first to be sold. Wall Street initially moved higher due to Powell’s statement. The Nasdaq and S&P 500 index hit record intraday highs, and then fell 1.26% and 0.3%, respectively. The Dow Jones Index rose by more than 300 points in one stage, and then gave up most of its gains at the close. The average price of 30 stocks is still more than 2% behind the all-time high set on November 8.

2. The United States and other countries will use their strategic oil reserves

Bloomberg | Bloomberg | Getty Images

The United States announced on Tuesday that it will use its strategic oil reserves as part of the efforts of global energy consumers to quell the rapid rise in fuel prices this year. The coordinated release of the United States, India, China, Japan, South Korea and the United Kingdom is the first such initiative. After OPEC and its allies rejected repeated requests from the United States and other countries to speed up production to meet growing demand, it aimed to stop energy prices from skyrocketing. Biden is facing low approval ratings, partly due to the high prices of gasoline and other consumer goods during the economic recovery from the pandemic.

3. The White House says the U.S. will not use lockdowns to fight the new coronavirus

White House Covid-19 Coordinator Jeff Zients speaks at a press conference at the White House on April 13, 2021.

Vogel | Bloomberg | Getty Images

The White House coronavirus response coordinator Jeff Zients (Jeff Zients) said at a briefing on Monday that the Biden administration has no plans to use a national lockdown to contain any future surges of new coronaviruses. He said that the federal government will instead rely on vaccines and therapies to maintain the country. Beginning in late October, the number of Covid cases in the United States has stabilized between 70,000 and 75,000 per day for the past three weeks. They have recently pushed up again to the 90,000 times per day interval. Zients made the above remarks when Austria began the fourth nationwide blockade, and as the number of infections across Europe surged, the Netherlands also implemented a partial blockade.

4. Zoom’s share price has fallen, and revenue growth has continued to slow

Zoom founder Yuan Zheng delivered a speech before the opening ceremony of NASDAQ in New York City on April 18, 2019.

Hit by Betancur | Getty Images

Zoom Video Communications’ stock price fell more than 8.5% before the market on Tuesday, after the company reported that due to Covid’s early explosive activity, revenue growth continued to slow. Revenue for the most recent quarter ended October 31 was $1.05 billion, which exceeded expectations and increased by 35% year-on-year. The year-on-year revenue growth for the previous quarters was 54% and 191%, respectively. In the next quarter, the company’s revenue will increase by 19%. For the October quarter, Zoom exceeded earnings expectations and guided higher in the next quarter.

5. Best Buy, Urban Outfitters stock prices fell due to rising costs

At a Best Buy store in Orlando, Florida, an employee brings a TV to a customer’s car.

Paul Hennessy | SOPA Image | Light Rocket | Getty Images

As investors worried about rising transportation costs and weaker demand for consumer electronics in the future, Best Buy fell 11% before the market on Tuesday. Before the market closed, the company announced quarterly earnings and revenues that exceeded expectations. However, analysts worry that as consumers shift spending to other areas such as travel and entertainment, Best Buy may see a difficult combination in the coming year.

Pasadena, California-May 22: The appearance of the Urban Outfitters sign can be seen in Pasadena, California on May 22, 2021. (Photo courtesy of RBL/Bauer-Griffin/GC Images)

RBL/Bauer-Griffin | GC Images | Getty Images

Urban Outfitters fell 11% in premarket transactions after the retailer’s most recent quarter reflected a shift to more online sales, which pushed up expenses due to rising distribution costs and higher wages at distribution and fulfillment centers. Despite this, Urban Outfitters’ earnings per share and revenue announced on Monday still exceeded expectations.

— Reuters contributed to this report.Follow all market behaviors like a professional CNBC Professional Edition. Get the latest information about the pandemic CNBC’s Coronavirus Report.

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