What will drive the markets this week?
Last week was a relatively subtle week for global equities with most global indices ending the week mixed. At the beginning of the week, equities markets on Wall Street were relatively calm as traders waited for minutes from the Federal Reserve’s November meeting. The minutes showed that the central bank anticipates slowing the pace of interest rate hikes going forward, which gave stocks a boost into the end of the week even amid choppy sessions due to low trading volumes.
This Monday is Cyber Monday in the U.S., a day that will feature numerous deals, discounts, and promotions for online shoppers. Similar to Black Friday, Cyber Monday sales are considered a proxy for the health of the U.S. consumer and retail sector. If Black Friday sales outperform this year, the strong performance could carry over into the next week and the remainder of the holiday shopping season.
More earnings will come this week from Salesforce, TD Bank, Dollar General, Kroger, and Ulta Beauty, among others. The labor market will also be in the spotlight, with the Job Openings and Labor Turnover Survey (JOLTS), ADP’s National Employment Report, and the Labor Department’s November nonfarm payrolls report. The latest updates on home prices will become available with the release of the Case-Shiller National Home Price Index and Freddie Mac’s House Price Index (HPI) for September. On Thursday, the Bureau of Economic Analysis (BEA) will release its Personal Consumption Expenditures (PCE) Price Index for October, offering an update on consumer inflation.
Events expected to influence financial markets in the week
Monday, November 28
- Pinduoduo Inc. (PDD) reports earnings
- Dallas Fed Manufacturing Index (Nov)
- Cyber Monday in the U.S.
Tuesday, November 29
- Intuit Inc. (INTU), Bank of Nova Scotia (BNS), Workday Inc. (WDAY), CrowdStrike Holdings (CRWD), NetApp Inc. (NTAP), and Shaw Communications (SJR) report earnings
- S&P Case-Shiller Home Price Index (Sep)
- Freddie Mac House Price Index (Sep)
- CB Consumer Confidence Index (Nov)
Wednesday, November 30
- Salesforce (CRM), Royal Bank of Canada (RY), Synopsys Inc. (SNPS), Snowflake Inc. (SNOW), Hormel Foods Corp. (HRL), KE Holdings (BEKE), Splunk Inc. (SPLK), Pure Storage Inc. (PSTG), Five Below Inc. (FIVE), Okta Inc. (OKTA), Donaldson Company (DCI), PVH Corp. (PVH), Petco Health & Wellness Co. (WOOF), and La-Z-Boy Inc. (LZB) report earnings
- Job Openings and Labor Turnover Survey (JOLTS) Report (Oct)
- ADP National Employment Report (Nov)
- U.S. GDP Growth Rate - Second Estimate (Q3 2022)
- Real Consumer Spending - Quarterly Avg. (Q3 2022)
- PCE Price Index (Q3 2022)
- Corporate Profits (Q3 2022)
- Goods Trade Balance (Oct)
- Wholesale Inventories (Oct)
- Retail Inventories (Oct)
- Chicago PMI (Nov)
- Pending Home Sales (Nov)
- Fed Beige Book Release
Thursday, December 1
- Toronto Dominion Bank (TD), Bank of Montreal (BMO), Dollar General (DG), Marvell Technology (MRVL), The Kroger Company (KR), Veeva Systems (VEEV), Ulta Beauty (ULTA), UiPath (PATH), Smartsheet Inc. (SMAR), Asana Inc. (ASAN), Designer Brands Inc. (DBI), and Big Lots (BIG) report earnings
- PCE Price Index (Oct)
- Personal Income (Oct)
- Personal Spending (Oct)
- Construction Spending (Oct)
- S&P Global Manufacturing PMI - Final (Nov)
- ISM Manufacturing PMI (Nov)
Friday, December 2
- Nonfarm Payrolls Report (Nov)