What will drive the markets this week?
Last week, major technology stocks led the broad market lower as Apple, Amazon, Twitter, and Facebook all saw their shares drop after quarterly results.
Market volatility will continue this week as investors worry about the U.S presidential election and the uncertainty surrounding it, rising Covid-19 infections, and further government stimulus.
In addition to Tuesday’s presidential election, voters in California will be voting on #CaliforniaProposition22, which will determine whether app-based transportation (rideshare) and delivery drivers should be defined as independent contractors or employees. Proposition 22 has a substantial investment impact on app-based companies such as Uber, Lyft & Doordash (promoters of the Bill), as it will determine whether they keep their present business models or overhaul them entirely, in California at least.
Investors will also be looking at U.S. unemployment and non-farm payrolls, and Q3 earnings from more than 100 of the S&P 500 companies, including Marathon Petroleum, Mondelez International, and PayPal Holdings, Emerson Electric, Ferrari, and Gartner, Expedia Group, Hilton Worldwide Holdings, and Qualcomm. Meanwhile, Alibaba controlled AntGroup’s highly anticipated IPO lists in Hong Kong this Thursday.
Read more on this and other insights on what will drive the market this week.
Monday, November 2:
- Earnings: Marathon Petroleum, Mondelez International, and PayPal
- Market Holidays in Brazil and Mexico for All Saint’s Day
- German Manufacturing PMI (Oct.
- Eurozone Manufacturing PMI (Oct.)
- French Manufacturing PMI (Oct.)
- Italian Manufacturing PMI (Oct.)
- U.K. Manufacturing PMI (Oct.)
- U.S. Institute for Supply Management (ISM) Manufacturing PMI (Oct.)
Tuesday, November 3:
- Earnings: Emerson Electric, Ferrari, and Gartner
- United States Presidential Election
- Market Holiday in Japan for Culture Day
- Bank of Japan Monetary Policy Statement and Interest Rate Decision
Wednesday, November 4:
- Earnings: Expedia Group, Hilton Worldwide Holdings, and Qualcomm.
- German Services PMI (Oct.
- Eurozone Services PMI (Oct.)
- French Services PMI (Oct.)
- Italian Services PMI (Oct.)
- U.K. Services PMI (Oct.)
- U.S. ADP Nonfarm Employment Change (Oct.)
- U.S. Trade Balance (Sept.)
- U.S. ISM Non-Manufacturing PMI (Oct.)
- Japanese Services PMI (Oct.)
Thursday, November 5:
- Earnings: Uber, Alibaba, Square & T-Mobile
- Ant Group IPO in Hong Kong
- Federal Reserve Interest Rate Decision and Press Conference
- Bank of England Interest Rate Decision and Press Conference
- U.K. Construction PMI (Oct.)
Friday, November 6:
- U.S. Unemployment Rate (Oct.)
- Canadian Unemployment Rate (Oct.)
- Canadian Ivey PMI (Oct.)
- Brazilian Consumer Price Index (Oct.) _________
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