What will drive the markets this week?
U.S. stocks gained last Friday with shares of technology and health-care companies pushing the S&P 500 and Nasdaq Composite to new records in a shortened trading week, which saw bonds and commodities signaling a growing optimism that economic activity will strengthen into the new year. In Asia, Japan’s Nikkei-225 Stock Average advanced to its highest level since May 1991.
Last week, investors noted healthy online retail sales with the holiday shopping season beginning and parsed an update about the presidential transition as well as news related to vaccines for COVID-19.
This week, investors will assess a range of economic data from Canada and the US including GDP (Canada), Purchasing Managers Indices, employment reports, trade balance, and construction spending. In earnings, investors will get fiscal reports from Zoom and Salesforce.
Oil cartel OPEC and its allies meet on Monday to plot their next moves, Eurozone finance ministers meet Tuesday as UK Parliament votes on a tiered system of Covid-19 restrictions. Meanwhile, S&P Global to buy #IHS Markit for about $44 billion as TikTok owner ByteDance faces a Friday deadline to sell off its US business. Read more on these and other insights on what will drive the market this week.
Monday, November 30:
- Earnings: Zoom Video Communications.
- S&P Global to buy IHS Markit for about $44 billion.
- Oil cartel OPEC and its allies plot their next moves.
- Biden receives his first presidential intelligence briefing.
- Japan orders the Tokyo Stock Exchange to improve its operations.
- Tesla received approval from Chinese authorities to begin selling its Shanghai-made Model Y sport utility vehicle in the country. The approval was published Monday on the website of China’s Ministry of Industry and Information Technology.
- Chicago PMI for November at 9:45 and the Pending Home Sales Index for October and Dallas Fed Manufacturing Activity Index.
Tuesday, December 1:
- Earnings: #Salesforce (CRM) after market close.
- The UK parliament votes on a tiered system of Covid-19 restrictions.
- Eurozone finance ministers meet.
- US Fed chair and Treasury secretary testify before the Senate.
- China’s new export control law takes effect.
- Markit US Manufacturing PMI; ISM Manufacturing, November; and Construction Spending month-over-month, October.
Wednesday, December 2:
- Earnings: Zscaler (ZS), Crowdstrike (CRWD), Okta (OKTA), Snowflake (SNOW), Splunk (SPLK), PVH Corp (PVH) after market close.
- MBA Mortgage Applications, week ended November 27; ADP Employment Change, November; and Federal Reserve Beige Book.
- Hong Kong activists Joshua Wong, Agnes Chow, and Ivan Lam are sentenced for their roles in last year’s protests.
Thursday, December 3:
- Earnings: The Michael’s Cos. (MIK), Dollar General (DG), Kroger (KR), DocuSign (DOCU), Ulta (ULTA), Cloudera (CLDR) after market close.
- Challenger Job Cuts year-over-year, November; Initial Jobless Claims, the week ended November 28; Continuing Claims, the week ended November 21.
- Markit US Services PMI, November final; Markit US Composite PMI; and ISM Services Index, November.
- South African President Cyril Ramaphosa faces a vote of no confidence.
Friday, December 4:
- ByteDance faces a deadline to sell off the US business of its video app TikTok.
- US Non-farm Payrolls, November; Unemployment Rate, November; Trade Balance, October; Factory Orders, October; Durable Goods Orders, October.
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