What will drive the markets this week?
Stocks recorded their best weekly gains since April, as investors anticipated the outcome of the US presidential elections which ignited a stock market rally around the world.
Though uncertainty remains on moves by the Trump campaign, Democratic candidate Joe Biden has been declared president-elect and it appears the stock market is happy. US stock futures were up on Sunday, with the Dow futures rising 287 points or about 1%; S&P 500 up 1%; and Nasdaq futures up 1.3%. European and Asian markets also rose on Monday in reaction to the Biden win.
Analysts believe it’s what happens in the Senate race that could determine the next move up or down in the market, warming up to the prospect of a divided government with a Democratic president and Republican Senate. The Democrats have the House.
This week, investors will be watching Biden’s moves as he plans his administration, starting with a coronavirus task force which will be named Monday.
The third-quarter earnings season also continues, with several big names such as Canopy Growth, McDonald’s, Nikola, SoftBank Group, Lyft, Adidas, and Walt Disney, among others reporting.
In Europe, investors will be looking at the U.K. and EU preliminary GDP numbers to assess the relative strength of their respective economies as they work to try and negotiate a trade deal. Read more on this and other insights on what will drive the market this week.
Monday, November 9:
- Earnings: Canopy Growth, Beyond Meat, Canopy Growth, Aurora Cannabis, McDonald’s, Nikola, Occidental Petroleum, SoftBank Group, and Simon Property Group.
- German Trade Balance (Sept.)
- Japanese Current Account n.s.a. (Sept.)
- Chinese Consumer Price Index (CPI) (Oct.)
- Chinese Producer Price Index (PPI) (Oct.)
Tuesday, November 10:
- Earnings: Lyft, Adidas, and Rockwell Automation report.
- U.K. Unemployment Rate and Claimant Count Change(Sept.)
- German ZEW Current Economic Sentiment (Nov.)
- U.S. Energy Information Administration (EIA) Short-Term Energy Outlook
- Job Openings and Labor Turnover Survey (JOLTS) Job Openings (Sept.)
Wednesday, November 11:
- Earnings: Lemonade and Vroom
- Chinese New Loans (Oct.)
- Brazilian Retail Sales (Sept.)
Thursday, November 12:
- Earnings: Walt Disney, Siemens, Applied Materials, Palantir Technologies, and Cisco
- U.K. Preliminary Gross Domestic Product (Q3)
- U.K. Manufacturing Production (Sept.)
- German CPI (Oct.)
- Eurozone Industrial Production (Sept.)
- U.S. Core CPI (Oct.)
- India Core CPI (Oct.)
Friday, November 13:
- Earnings: Spectrum Brands Holdings and DraftKings
- Indian Wholesale Price Index Inflation (Oct.)
- French CPI (Oct.)
- Eurozone Preliminary GDP (Q3)
- Eurozone Trade Balance (Oct.)
- U.S. PPI (Oct.)
- Preliminary Michigan Consumer Sentiment and Expectations (Nov.)
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