The green streak in the market continued throughout the holiday week, with all major US indices up between 1% and 1.5%, week over week. Although last week was rather sleepy in terms of both earnings releases and economic data releases, things begin to heat back up this week. We’ll get to hear earnings from a key retailer as well as some very important economic data. Be sure to buckle up, as we’re bound to see some volatility in the market this week!
Unfortunately, given the holiday week last week, there were very few notable data releases. For those who are paying attention to the housing market, it’s important to note that existing home sales missed by a pretty substantial margin. Existing home sales in October came in at 3.79 million compared to an expected 3.9 million and a previous reading of 3.95 million.
This week will be a bit more busy than the previous week, starting with new home sales on Monday. We’ll also get to hear from various Fed officials on Tuesday, in addition to receiving November’s consumer confidence score. The latter will be pivotal in determining how this holiday shopping season will turn out. On Wednesday, we’ll get to see the first revision of Q3 GDP. As of right now, analysts are not expecting any changes to the massive 4.9% initial reading. Lastly, we’ll get to see data on personal income and spending, as well as PCE and pending home sales, on Thursday. PCE data will be the most important metric to pay attention to, as the Fed uses this as its barometer for inflation.
While you may have thought that earnings season is over, we still have some rather large companies reporting their earnings this week, such as:
11/27 – Zscaler, Inc. (ZS)
11/28 – BHP Group Limited (BHP), Intuit Inc. (INTU), PDD Holdings Inc. (PDD), Workday Inc. (WDAY), CrowdStrike Holdings, Inc. (CRWD), Splunk Inc. (SPLK), and Hewlett Packard Enterprise Company (HPE)
11/29 – Salesforce, Inc. (CRM), Synopsys, Inc. (SNPS), Snowflake Inc. (SNOW), Dollar Tree, Inc. (DLTR), Hormel Foods Corporation (HRL), Okta, Inc. (OKTA), Five Below, Inc. (FIVE)
11/30 – Dell Technologies Inc. (DELL), Marvell Technology, Inc. (MRVL), The Kroger Company (KR), Ulta Beauty, Inc. (ULTA)
Everyone will be paying attention to the tech companies reporting their earnings this week, such as INTU, CRWD, SPLK, CRM, and SNOW. These are among the last big and mid-sized tech companies reporting their earnings, so it will be interesting to hear their commentary for Q4, as well as whether or not they will guide for 2024.
If you’d like to get an idea of how Black Friday went, you should also pay attention to ULTA, as they are one of the few retailers reporting their Q3 earnings after this pivotal shopping holiday. It will be important to pay attention to the commentary ULTA’s executives have on the holiday shopping season and how their sales over the past week have looked.
Monitoring the market conditions this week.
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