This week, the stock market saw one of the greatest weeks that it’s seen in a very long time. As we all know, Donald Trump won the presidential election, which caused markets to skyrocket upward, with the S&P up 4.59%, the Dow up 4.83%, the Nasdaq up 5.84%, and the Russell up a mind-blowing 8.47% on a week-over-week basis. On top of Trump’s win, the Fed cut interest rates by a quarter point on Thursday, further fueling the fire. Unfortunately, it’s going to be tough to top the market moves we’ve seen this past week, but nonetheless, we’ve still got a busy week ahead of us!
Last week, as we all know, the largest economic event was the presidential election. Markets surged on the thought that Trump will likely cut corporate tax rates, making companies more profitable. Furthermore, we saw yet another rate cut from the Fed and Jerome Powell. Although it wasn’t as big as some were hoping for, a quarter-point cut is still a move in the right direction. Additionally, consumer credit came in a bit lower than anticipated and consumer sentiment came in a bit higher than anticipated which of course is great for the economy as a whole!
Although it will certainly be hard to top the events of last week, it appears someone is certainly trying to! We start things off with CPI on Wednesday, followed by PPI on Thursday. We then get US retail sales numbers on Friday. In addition to these data releases, we’ll also see a slew of speeches from various Fed officials throughout the week. As we all know, inflation data will be incredibly important to pay attention to, as any spikes in inflation will likely put a pause on the rate cuts that we’re currently seeing.
This week, earnings season continues, with countless mid-sized companies reporting their earnings, such as:
11/11 – Live Nation Entertainment (LYV), Grab Holdings Limited (GRAB), monday.com (MNDY)
11/12 – The Home Depot (HD), Astrazeneca (AZN), Shopify (SHOP), Spotify (SPOT), Sea Limited (SE), Occidental Petroleum (OXY), Flutter Entertainment (FLUT), Rocket Companies (RKT), On Holding (ONON), Tyson Foods (TSN), CAVA Group (CAVA)
11/13 – Cisco Systems (CSCO), Nu Holdings (NU), Tetra Tech (TTEK)
11/14 – The Walt Disney Company (DIS), Applied Materials (AMAT), Sony Group (SONY), Brookfield (BN), JD.com (JD), NetEase (NTES),
11/15 – Alibaba (BABA)
This week, all eyes will be on HD and DIS. These legacy giants will give us a good idea of how the consumer is spending their money. It will be very important to pay attention to HD’s numbers, as well as park sales from DIS.
Monitoring the market conditions this week.
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