This week, we saw the market pull back in a huge way, as Fed Chairman Jerome Powell put out some commentary that was worrisome for the market. His commentary led markets to believe that rates might not be coming down as quickly as previously anticipated, which put an end to the post-election party that we’ve seen over the course of the past week and a half. However, it’s important to remember that markets are still up when compared to just before the election.
Fortunately for us, most of the economic data that was reported over the past week came in line with expectations. Although inflation is still hovering above the 2% mark, we aren’t seeing it spike back up, which is a great thing for the economy. However, the data that defined the market moves of the past week was what Jerome Powell said on Thursday. He mentioned that the economy is not sending any signals that indicate the Fed needs to hurry when it comes to lowering rates, which, of course, sent markets downward.
Luckily for us, this week will be relatively quiet in terms of economic data releases. WE kick things off on Monday with the home builder confidence index, followed by housing starts and building permits on Tuesday. We then get initial jobless claim data as well as existing home sales data on Thursday, followed by final consumer sentiment for the month of November on Friday. Although the data we see this week likely won’t move markets in a meaningful way, there will be some great housing data to pay attention to if you’re monitoring the nationwide real estate market!
This week, earnings season rages on, as we have the most important company in the stock market reporting their earnings, amidst a slew of other large companies, including:
11/18 – Trip.com Group (TCOM), Symbotic (SYM), AECOM (ACM), BellRing Brands (BRBR)
11/19 – Walmart (WMT), Lowe’s Companies (LOW), Medtronic (MDT), Keysight Technologies (KEYS), Viking Holdings (VIK), Jacobs Solutions (J)
11/20 – NVIDIA (NVDA), TJX Companies (TJX), Palo Alto Networks (PANW), Target (TGT), Snowflake (SNOW), Williams-Sonoma (WSM), Wix.com (WIX), NIO (NIO)
11/21 – Intuit (INTU), PDD Holdings (PDD), Deere & Company (DE), Copart (CPRT), Ross Stores (ROST), Baidu (BIDU), NetApp (NTAP), KE Holdings (BEKE), Warner Music Group (WMG)
This week, all eyes will be on NVDA. As the AI arms race rages on, retail investors and analysts alike are anxious to hear what the AI chip giant has to say. This means markets are bound to move one way or another, depending on the financials and commentary from Jensen Huang.
It’ll also be important to pay attention to companies like WMT, LOW, TJX, and TGT, as they will give investors a good idea of how the broader economy is faring as well as where consumers are spending their money!
Monitoring the market conditions this week.
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