Weekly market recap
Stock futures fluctuated in overnight trading Sunday following a losing week as investors continued to grapple with the resurgence of Covid cases and an upcoming shift in the Federal Reserve's easy monetary policy.
The major averages are coming off a negative week, with the $S&P 500 Index (.SPX.US)$ declining 1.9%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ dropped nearly 3% last week as investors dumped high-flying growth stocks on the prospect of higher interest rates, while the $Dow Jones Industrial Average (.DJI.US)$ slipped 1.7%.
Here's a look at the return of S&P 500 sectors
The week ahead in focus
Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday break, Nike and Micron Technology report on Monday, BlackBerry and General Mills on Tuesday, and CarMax, Cintas, and Paychex on Wednesday.
It will be a busy week of economic data releases. On Monday, the Conference Board publishes its Leading Economic Index for November, followed by its Consumer Confidence Index for December on Wednesday.
On Thursday, the Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve's preferred measure of inflation, the core PCE price index, is expected to have spiked 4.5% in November.
Also Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.
Monday 12/20
$Micron Technology (MU.US)$ and $Nike (NKE.US)$ report quarterly results.
The Conference Board releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October's level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.
Tuesday 12/21
$BlackBerry (BB.US)$, $FactSet Research Systems (FDS.US)$, and $General Mills (GIS.US)$ announce earnings.
Wednesday 12/22
The NAR reports existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.
$CarMax (KMX.US)$, $Cintas (CTAS.US)$, and $Paychex (PAYX.US)$ hold conference calls to discuss quarterly results.
The Bureau of Economic Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November's second estimate.
The Conference Board releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.
Thursday 12/23
The Department of Labor reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.
The Census Bureau reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800 -- both record highs.
The BEA reports personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve's preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.
The Census Bureau releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.
Friday 12/24
U.S. equity and fixed-income markets are closed in observance of Christmas.
Source: CNBC, jhinvestments, Dow Jones Newswires

By Danilo
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
- Shares of Malaysia glove stocks rose sharply on renewed buying interest after a new, fast-spreading coronavirus variant was found in South Africa.
Market Snapshot
U.S. stock futures dropped in early morning trading on Friday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.
Futures for the $Dow Jones Industrial Average (.DJI.US)$ fell 828 points, while those for the $S&P 500 Index (.SPX.US)$ and $NASDAQ 100 Index (.NDX.US)$ were also in in negative territory.
Market Temperature
Read more: Market Temperature (11/26)
Top News
Stock futures, oil drop on concerns over covid strain
U.S. stock futures and international equity markets fell after South Africa warned about a new strain of the coronavirus, triggering concern about the potential for travel restrictions or other curbs. Oil prices and Treasury yields also declined.
Another reason inflation may be here to stay
Rent rises that haven't yet been measured will filter through to higher services inflation in coming months.
Antitrust tech bills gain bipartisan momentum in senate
Support for curbing large technology companies' market power is widening in the Senate, with lawmakers in both parties endorsing new legal constraints on search engines, e-marketplaces, app stores and other online platforms.
When will shortages end? here's why forecasts are often wrong
Bottlenecks could finally be easing, but investors should remember that individual companies tend to underestimate the scope of global supply-chain problems.
Micron, UMC reach settlement in IP theft case
U.S. memory-chip maker $Micron Technology (MU.US)$ and Taiwan's $United Microelectronics (UMC.US)$ have reached a global settlement related to Micron's allegations of intellectual property theft.
Uber CFO focuses on revenue growth after profitability milestone
Nelson Chai said the company wants to keep improving adjusted Ebitda but long-term growth is "the real focus point." $Uber Technologies (UBER.US)$
New covid-19 variant drives rally in Malaysia glove stocks
Shares of Malaysia glove stocks rose sharply on renewed buying interest after a new, fast-spreading coronavirus variant was found in South Africa.
Read More
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Stock funds took in more cash in 2021 than two decades combined
Small investors keep piling into flashy growth stocks
E-commerce needs real store locations now more than ever
Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg

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