What to expect in the week ahead (ZOOM, BBY, GPS, DE)
Weekly market recap
Stocks have a track record of posting gains in Thanksgiving week, which will potentially set the stage for a year-end Santa rally. One big market-moving event this week will be President Joe Biden's nomination for the next Federal Reserve chief.
$S&P 500 Index (.SPX.US)$ came off a winning week, up 0.3%, on the back of a slew of stellar earnings reports from big retailers and strong U.S. retail data. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ Composite jumped 1.2% last week. The $Dow Jones Industrial Average (.DJI.US)$ fell 1.3% during the period, however.
Here's a look at the return of S&P 500 sectors
This week ahead in focus
The tail end of third-quarter earnings season will bring more results from major retailers next week, just as shoppers prepare for Black Friday. On Tuesday, investors will get quarterly results from some of retail's biggest names, including Best Buy, Burlington Stores, Dick's Sporting Goods, Dollar Tree, and Gap.
Non-retail highlights on the earnings calendar next week includeZoom Video Communications on Monday, Autodesk, Dell Technologies, and VMware on Tuesday, and Deere on Wednesday.
The National Association of Realtors reports existing-home sales for October on Monday. The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September.
Monday 11/22
$Agilent Technologies (A.US)$, $Keysight Technologies (KEYS.US)$, and $Zoom Video Communications (ZM.US)$ release quarterly results.
The National Association of Realtors reports existing-home sales for October.The consensus estimate is for a seasonally adjusted annual rate of 6.19 million homes sold, 100,000 fewer than in September. Existing-home sales hit their post-financial-crisis peak at 6.73 million last October and have fallen for much of this year, partly due to supply constraints, especially at the lower-price end of the housing market.
Tueaday 11/23
$Analog Devices (ADI.US)$, $Autodesk (ADSK.US)$, $Best Buy (BBY.US)$, $Burlington Stores (BURL.US)$, $Dell Technologies (DELL.US)$, $Dick's Sporting Goods (DKS.US)$, $Dollar Tree (DLTR.US)$, $Gap Inc (GPS.US)$, $HP Inc (HPQ.US)$, $Nordstrom (JWN.US)$, $Kanzhun (BZ.US)$, $Medtronic (MDT.US)$, and $Vmware (VMW.US)$ report earnings.
IHS Markit releases both the Manufacturing and Services Purchasing Managers' indexes for November. Expectations are for a 59.5 reading for the Manufacturing PMI and 59 for the Services PMI. Both figures are slightly more than the October data. Both indexes are off their peaks from earlier this year, but higher than their levels from a year ago.
Wednesday 11/24
The BEA reports its second estimate of third-quarter gross domestic product. Economists forecast a 2.2% annualized rate of growth, higher than the BEA's preliminary estimate of 2% from late October.
$Deere (DE.US)$ reports fiscal fourth-quarter 2021 results.
The Federal Open Market Committee releases minutes from its early-November monetary-policy meeting.
The Census Bureau releases the durable-goods report for October. Economists forecast a 0.2% month-over-month increase in new orders for manufactured durable goods, to $262 billion. Excluding transportation, new orders are seen rising 0.5%, matching the September gain.
The BEA reports personal income and spending for October. The consensus call is for a 0.4% monthly increase in income after a 1% decline in September. Personal spending is expected to rise 1%, month over month, a faster clip than September's 0.6% gain.
Thursday 11/25
U.S. bourses and fixed-income markets are closed in observance of Thanksgiving.
Friday 11/26
It's Black Friday, one of the busiest shopping days of the year and the traditional kickoff to the holiday shopping season. The National Retail Federation estimates that a record $851 billion will be spent by U.S. consumers this November and December, a 9.5% increase from last year. U.S. exchanges have a shortened trading session on the day after Thanksgiving. The Nasdaq and New York Stock Exchange end trading at 1 p.m., and the bond market closes at 2 p.m.
Source: CNBC, Dow Jones Newswires, jhinvestments
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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