What will drive the markets this week?
Global stocks closed lower last week, dragged down by the uncertainty regarding the discovery of the new Covid-19 variant. Investors pushed into safe-haven investments such as treasury bonds which got more expensive due to higher demands.
Stocks and oil markets are likely to experience some recovery this week, as calm appears to be returning to markets even as investors await more details on the severity of the economic impact of the new Omicron variant.
Companies will continue to watch Thanksgiving sales, which extend through Cyber Monday. Sales from Nov. 25 to Nov. 29 are projected to increase 12% from last year, led by middle-income households, according to a survey by Deloitte.
Investors will get the last bit of tech and retail earnings releases including from Salesforce, GlobalFoundries, and Hewlett Packard Enterprise, as well as key economic data from across the world including Manufacturing and Services (PMI).
The manufacturing and services Purchasing Managers Indexes (PMI) offer insights into how managers are feeling across a wide swath of industries. In the U.S., the outlook has stayed positive. Last month, surveys indicated negative PMIs for China.
Monday, November 29:
- Cyber Monday
- NAR Pending Home Sales (October)
- China Non-Manufacturing PMI (November)
- EA Economic Sentiment and Consumer Confidence (November)
Tuesday, November 30:
- Earnings: Salesforce, GlobalFoundries, Hewlett Packard Enterprise, and NetApp report.
- S&P Case-Shiller Home Price Index (September)
- Consumer Board Consumer Confidence Index (November)
- China Caixin Manufacturing PMI (November)
- EA Inflation Rate (November)
Wednesday, December 1:
- Earnings: Snowflake, CrowdStrike, Synopsys, Veeva Systems, ZScaler, Okta, Splunk, and PVH Corp report.
- ADP Employment Change (November)
- Markit Manufacturing PMI (November)
- ISM Manufacturing PMI (November)
- U.S. Construction Spending (October)
- U.S. Total Vehicle Sales (November)
- ECB Non-Monetary Policy Meeting
- EA Markit Manufacturing PMI, Final (November)
- India Markit Manufacturing PMI (November)
Thursday, December 2:
- Earnings: Marvell Technology, Dollar General, DocuSign, Kroger, Asana, and Ulta Beauty report.
- China Caixin Services PMI (November)
- ECB General Council Meeting
- EA Unemployment Rate (October)
- EA Producer Price Index (October)
Friday, December 3:
- Nonfarm Payrolls (November)
- Markit Services PMI (November)
- EA Markit Services PMI, Final (November)
- EA Retail Sales (October)
- India Markit Services PMI (November)