3. Putin's shifty nuke rhetoric
After threatening several times that Russia would use any means to protect its territory, President Vladimir Putin said Thursday he doesn’t think it would be necessary to use nuclear weapons. “We see no need for that,” Putin said. “There is no point in that, neither political, nor military.” President Joe Biden, however, declined to take Putin at his word. “If he has no intention, why does he keep talking about it? Why is he talking about the ability to use a tactical nuclear weapon?” Biden said during an interview with NewsNation. The exchange comes as Russia suggests that Ukraine would use a so-called dirty bomb, a traditional explosive device equipped with radioactive material, in its fight against the Kremlin’s invaders. Ukrainian and Western officials have dismissed the claim as a potential pretext for escalation. Read live war updates here.
4. Wheeling and dealing
With supply chain issues easing somewhat, auto dealer stocks rallied Thursday. They defied, at least for now, Wall Street’s expectations for what some analysts called “demand destruction” driven by inflation, recession fears and higher interest rates. Companies such as AutoNation and Group 1 Automotive came through with strong earnings and positive guidance. Group 1 CEO Earl Hesterberg told investors this week that the company doesn’t have “any big trepidation about next year … our core businesses such as aftersales and new vehicle sales are moving to remain strong in the near-term.”
5. Short order
Another way restaurants haven’t recovered from the early, shutdown-heavy days of the Covid pandemic? Operating hours. Despite restrictions being lifted nationwide, eateries are open an average of 6.4 hours less than they were in October 2019, according to a Datassential study. There are a few key reasons, the study says. Among them: Restaurants are having trouble staffing for longer hours, and workers are returning to offices on hybrid schedules, meaning more time at home and less time out. It’s even worse for independently owned restaurants, which have lost 7.5 hours weekly, compared to chains that have more than 501 locations, which cut hours by an average of 4 hours a week.
Read more: Beer is rapidly losing market share in the U.S. as canned cocktails thrive
– CNBC’s Tanaya Macheel, Annie Palmer, Kif Leswing, David Faber, Jonathan Vanian, Natasha Turak, Michael Wayland and Amelia Lucas contributed to this report.
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