What will drive the markets this week?
Global stock indexes saw significant gains as the U.S. dollar reached a six-week low, while the 10-year U.S. Treasury yields hit a five-week low on Friday. This shift was triggered by data revealing a more substantial slowdown in U.S. job growth than initially expected for October.
The Dow Jones Industrial Average (.DJI) surged by 222.24 points, equivalent to 0.66%, reaching 34,061.32. The S&P 500 (.SPX) also experienced substantial growth, adding 40.56 points or 0.94%, reaching 4,358.34. The Nasdaq Composite (.IXIC) displayed impressive gains, increasing by 184.09 points or 1.38%, reaching 13,478.28.
In Europe, the STOXX 600 index achieved its most significant weekly gain since March on Friday. This was bolstered by real estate stocks sensitive to interest rates, as signs of a potential shift in the monetary policies of major central banks elevated overall market sentiment.
Meanwhile, the Asia-Pacific markets closed the week on an upward trend, with investors scrutinizing fresh data to gain deeper insights into the state of business activity across the region.
This week, we can look forward to the release of various earnings reports from prominent companies, including Uber Technologies (UBER), UBS (UBS), Occidental Petroleum (OXY), Rivian Automotive (RIVN), The Walt Disney Company (DIS), Honda Motor Company (HMC), and Warner Bros. Discovery (WBD), among others.
On Tuesday, the New York Federal Reserve will unveil its quarterly report on household debt and credit, providing valuable insights into the financial well-being of U.S. households during the third quarter. Additionally, on Friday, the University of Michigan will release its Consumer Sentiment Index (MCSI) for November, offering a timely snapshot of consumer sentiment.
Events expected to move the markets this week
Monday, November 6
- Ryanair Holdings (RYAAY), Vertex Pharmaceuticals (VRTX), NXP Semiconductors (NXPI), Realty Income Corp. (O), Diamondback Energy (FANG), BioNTech (BNTX), Coterra Energy (CTRA), International Flavors & Fragrances (IFF), Celanese Corporation (CE), and Aspen Technology (AZPN) report earnings
- New York Fed Global Supply Chain Pressure Index (Oct)
Tuesday, November 7
- Gilead Sciences (GILD), Uber Technologies (UBER), UBS (UBS), Air Products and Chemicals Inc. (APD), Occidental Petroleum (OXY), Emerson Electric (EMR), KKR & Co. (KKR), D.R. Horton (DHI), Coupang (CPNG), and Rivian Automotive (RIVN) report earnings
- U.S. Trade Balance (Sep)
- IBD/TIPP Economic Optimism Index (Nov)
- New York Fed Household Debt and Credit Report (Q3 2023)
- Mannheim Consulting Used Vehicle Value Index (Sep)
Wednesday, November 8
- The Walt Disney Company (DIS), TC Energy Corp. (TRP), Biogen (BIIB), Corteva (CTVA), Manulife Financial (MFC), Warner Bros. Discovery (WBD), Franco-Nevada Corp. (FNV), Take-Two Interactive Software (TTWO), Roblox (RBLX), and Kellanova (K) report earnings
- Wholesale Inventories (Sep)
- China Inflation Rate (Oct)
Thursday, November 9
- Honda Motor Company (HMC), Sony Corp. (SONY), AstraZeneca (AZN), Becton, Dickinson and Company (BDX), Brookfield Corp. (BN), Transdigm Group (TDG), Li Auto (LI), The Trade Desk (TTD), Illumnina (ILMN), and News Corporation (NWS; NWSA) report earnings
Friday, November 10
- Algonquin Power & Utilities Corp. (AQN) and StoneCo Ltd. (STNE) report earnings
- University of Michigan Consumer Sentiment Index (Nov)
- U.K. Gross Domestic Product - Preliminary Reading (Q3 2023)