Wall Street will get a break next week for the Thanksgiving holiday, but not before
Nvidia
reports earnings and the Federal Open Market Committee releases its latest meeting minutes.
Equity and bond markets will be closed in observance of Thanksgiving on Thursday. Trading on the Nasdaq and New York Stock Exchange will end at 1 p.m. ET on Friday. The bond market will close at 2 p.m. ET.
Agilent Technologies,
Keysight Technologies,
and
Zoom Video Communications
report quarterly results on Monday, followed by Nvidia,
Analog Devices,
Autodesk,
Best Buy,
HP Inc.,
Jacobs Solutions,
Lowe’s,
and
Medtronic
on Tuesday.
Deere
will report results on Wednesday.
The FOMC will release its early November meeting minutes on Tuesday. The FOMC has held the federal-funds rates steady at 5.25%-5.50% since July and Wall Street is convinced that the Fed is done hiking interest rates for this cycle. According to the CME FedWatch Tool, traders are pricing in less than a 1% chance that the Fed raises rates again before cutting them.
The Conference Board will release its Leading Economic Index for October on Monday. Consensus estimate is for a 0.6% month-over-month decline.
The National Association of Realtors reports existing-home sales for October on Tuesday. Economists forecast a seasonally adjusted annual rate of 3.9 million homes sold, slightly less than in September.
The Census Bureau releases the durable goods report for October on Wednesday. The consensus call is for new orders for durable manufactured goods to decrease 3.4% month over month, following a 4.6% jump in September. Excluding transportation, new orders are expected to edge up 0.1% compared with a 0.4% rise previously.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for November on Friday. Consensus estimates are for a 49.6 reading for the Manufacturing
PMI
and 50.4 for the Services PMI. Both figures are slightly less than the October data.
Monday 11/20
Agilent Technologies, Keysight Technologies, and Zoom Video Communications report quarterly results.
The Conference Board releases its Leading Economic Index for October. Consensus estimate is for a 0.6% month-over-month decline. The LEI has fallen for 18 consecutive months. Despite strong GDP growth this year, the Conference Board still expects a shallow recession in the first half of 2024.
Tuesday 11/21
Analog Devices, Autodesk, Best Buy, HP Inc., Jacobs Solutions, Lowe’s, Medtronic, and Nvidia announce earnings.
The Federal Open Market Committee releases the minutes from its early November monetary-policy meeting. The FOMC has held the federal-funds rates steady at 5.25%-5.50% since July and Wall Street is convinced that the Fed is done hiking interest rates for this cycle. According to the CME FedWatch Tool, traders are pricing in less than a 1% chance that the Fed raises rates again before cutting them.
The National Association of Realtors reports existing-home sales for October. Economists forecast a seasonally adjusted annual rate of 3.9 million homes sold, slightly less than in September. Existing-home sales are at their lowest level since 2010, as high mortgage rates deter existing homeowners from selling and lock out a portion of prospective homebuyers.
Wednesday 11/22
Deere reports fourth-quarter fiscal-2023 results.
The Census Bureau releases the durable goods report for October. The consensus call is for new orders for durable manufactured goods to decrease 3.4% month over month, following a 4.6% jump in September. Excluding transportation, new orders are expected to edge up 0.1% compared with a 0.4% rise previously.
Thursday 11/23
Equity and bond markets are closed in observance of Thanksgiving.
Friday 11/24
Regular trading on the Nasdaq and New York Stock Exchange ends early at 1 p.m. EST.
The bond market closes early as well at 2 p.m. EST.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for November. Consensus estimates are for a 49.6 reading for the Manufacturing PMI and 50.4 for the Services PMI. Both figures are slightly less than the October data.
—Dan Lam contributed to this article
Write to Connor Smith at [email protected]
Read the full article here
