What will drive the markets this week?
Global stocks ended mostly higher on Friday last week following a report by the US fed that showed inflation in the US was slowing down. The S&P 500 closed out its best week since June as the Nasdaq ended the week 8% higher. The yield on benchmark U.S. 10-year paper slipped below 4% on Thursday. U.S. bond markets are closed on Friday for Veterans Day.
In Europe and Asia, equities recorded their best weekly performance in nearly eight months on Friday, largely driven by bets of smaller rate hikes by the Federal Reserve and easing COVID-19 curbs in China.
This week, big-box retailers including Walmart, Target, Macy’s, Home Depot, and Lowe’s will report earnings, in what could be the last big week of this corporate earnings season as it winds down. On Wednesday, the U.S. Census Bureau will release retail sales data for the month of October, providing a key update on consumer spending heading into the holiday shopping season.
Fresh housing market data will also be released, with October housing starts, building permits, and existing home sales due, as well as the NAHB’s Housing Market Index.
We can expect updates from the U.S. manufacturing sector with industrial production data for October and the Philadelphia Fed Manufacturing Index for November.
Events expected to influence financial markets in the week
Monday, November 14
- Tyson Foods (TSN), KE Holdings (BEKE), AECOM (ACM), and Tower Semiconductor (TSEM) report earnings
Tuesday, November 15
- Walmart (WMT), Home Depot (HD), BHP Group (BHP), Sea Limited (SE), Advance Auto Parts (AAP), Aramark (ARMK), Legend Biotech (LEGN), Tencent (TME), and Krispy Kreme (DNUT) report earnings
- Producer Price Index (PPI) (Oct)
- NY Empire State Manufacturing Index (Nov)
Wednesday, November 16
- NVIDIA Corporation (NVDA), Cisco Systems (CSCO), Lowe’s Companies (LOW), TJX Companies (TJX), Target (TGT), Copart Inc. (CPRT), Grab Holdings Ltd. (GRAB), Bath & Body Works (BBWI), and Victoria’s Secret (VSCO) report earnings
- Retail Sales (Oct)
- Retail Inventories (Sep)
- Industrial Production (Oct)
- Business Inventories (Sep)
- NAHB Housing Market Index (Nov)
Thursday, November 17
- Alibaba (BABA), Applied Materials Inc. (AMAT), Palo Alto Networks (PANW), NetEase Inc. (NTES), Ross Stores (ROST), Keysight Technologies (KEYS), BJ’s Wholesale Club (BJ), Williams Sonoma (WSM), Macy’s (M), Gap Inc. (GAP), and Kohl’s Corp. (KSS) report earnings
- Housing Starts (Oct)
- Building Permits (Oct)
- Philadelphia Fed Manufacturing Index (Nov)
Friday, November 18
- JD.com (JD), Atkore Inc. (ATK), Foot Locker (FL), and Buckle Inc. (BKE) report earnings
- Conference Board Leading Economic Index (Oct)
- Existing Home Sales (Oct)