Last week, indices corrected from their post-election rally. In the trading week of November 11-15, Dow Jones plunged 1.24%, while S&P 500 dipped 2.08%, and the Nasdaq Composite underperformed with decline of 3.15%.
Trading Economics stated that these declines came after Federal Reserve Chair Jerome Powell signaled that the central bank is in no rush to cut interest rates, citing the economy's strength, a resilient labor market, and ongoing inflationary pressures. In response, markets adjusted their expectations, pricing in fewer rate cuts for next year.
Nate Peterson is Director of Derivatives Analysis of Charles Schwab said, "we also get a slew of Retail and Technology earnings from the likes of Walmart, Lowe's, Target, TJX, PANW, SNOW as well as what is likely the major earnings announcement of the week on Wednesday from Nvidia Corp. This could be a major market mover, as the company's revenue, earnings growth, and forecast could send reverberations throughout the AI tech space!"
Further, Peterson said, next week's economic calendar starts slowly with a focus on housing data, via the NAHB Housing Market Index, Housing Starts, and Building Permits. The more potentially market-moving data is positioned at the back end, as we get Initial and Continuing Jobless Claims, along with S&P Global PMI Reports and U of Mich Consumer Confidence to close out the week.
Key Economic Data This Week:
November 18, Monday: NAHB Housing Market Index
November 19, Tuesday: Housing Starts, Building Permits
November 20: MBA Mortgage Applications Index
Earnings:
Some of the major earnings to watch out are --- Walmart Inc. (WMT), Medtronic (MDT), Lowe's Companies Inc. (LOW), Weibo Corp. (WB), Target Corp. (TGT), Williams-Sonoma Inc. (WSM), NIO Inc. (NIO), TJX Companies Inc. (TJX), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Snowflake Inc. (SNOW), Deere & Co. (DE), Baidu Inc. (BIDU), Intuit Inc. (INTU), Copart Inc. (CPRT), Ross Stores Inc. (ROST), Gap Inc. (GAP), and Buckle Inc. (BKE).
Trading Economics stated that these declines came after Federal Reserve Chair Jerome Powell signaled that the central bank is in no rush to cut interest rates, citing the economy's strength, a resilient labor market, and ongoing inflationary pressures. In response, markets adjusted their expectations, pricing in fewer rate cuts for next year.
Nate Peterson is Director of Derivatives Analysis of Charles Schwab said, "we also get a slew of Retail and Technology earnings from the likes of Walmart, Lowe's, Target, TJX, PANW, SNOW as well as what is likely the major earnings announcement of the week on Wednesday from Nvidia Corp. This could be a major market mover, as the company's revenue, earnings growth, and forecast could send reverberations throughout the AI tech space!"
Further, Peterson said, next week's economic calendar starts slowly with a focus on housing data, via the NAHB Housing Market Index, Housing Starts, and Building Permits. The more potentially market-moving data is positioned at the back end, as we get Initial and Continuing Jobless Claims, along with S&P Global PMI Reports and U of Mich Consumer Confidence to close out the week.
Key Economic Data This Week:
November 18, Monday: NAHB Housing Market Index
November 19, Tuesday: Housing Starts, Building Permits
November 20: MBA Mortgage Applications Index
Earnings:
Some of the major earnings to watch out are --- Walmart Inc. (WMT), Medtronic (MDT), Lowe's Companies Inc. (LOW), Weibo Corp. (WB), Target Corp. (TGT), Williams-Sonoma Inc. (WSM), NIO Inc. (NIO), TJX Companies Inc. (TJX), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Snowflake Inc. (SNOW), Deere & Co. (DE), Baidu Inc. (BIDU), Intuit Inc. (INTU), Copart Inc. (CPRT), Ross Stores Inc. (ROST), Gap Inc. (GAP), and Buckle Inc. (BKE).