This past week, we saw continued green in the markets, with all major US indices up on a week-over-week basis between 0.25% and 1.77%. The Nasdaq led the pack, being up 1.77%, despite a lack of tech earnings. These tremendous gains were in part due to the very controversial reveal of Google’s Gemini, which led the stock to go up roughly 4% week over week.
Last week was rather quiet in terms of economic data releases. While the ADP employment report came in a bit lower than expected, 103,000 vs. an expected 128,000, the US Employment report came in higher than expected, 199,000 vs. an expected 190,000. At the same time, the unemployment rate decreased month over month in November, coming in at 3.7%, compared to 3.9% in October. This paints a rather confusing picture for the labor market, which means we should continue to pay attention, as we may be about to reach an inflection point.
This week will continue to be exciting in terms of macroeconomic data releases. Things start on Tuesday with CPI, which will likely meet or exceed analysts’ expectations if PCE is any indicator. However, Wednesday is the day everyone is waiting for. First, we get to see PPI data for November at 8:30 AM. But the moment everyone is waiting for comes at 2:00 PM, when the Fed releases its latest interest-rate decision. This is bound to move markets one way or another, depending on what the Fed officials choose to do.
While we are approaching the holidays and earnings season is largely over, we still have some relatively important companies reporting their Q3 earnings this week, such as:
12/11 – Oracle Corporation (ORCL)
12/13 – Adobe Inc. (ADBE)
12/14 – Costco Wholesale Corporation (COST), Lennar Corporation (LEN/LEN.B)
12/15 – Darden Restaurants, Inc. (DRI)
All eyes will be on two of the oldest tech companies that are reporting earnings this week: ORCL and ADBE. Analysts will be eager to hear how they are implementing AI in their businesses and how their customers are fairing, especially since these companies are B2B companies.
Watchlist Monitoring the market conditions this week.
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