Market Forecast for the Week Ahead
Next week, investor attention will predominantly center on earnings disclosures from Nvidia Inc., a frontrunner in artificial intelligence chip manufacturing, alongside major retail giants like Walmart and Target.
Nvidia’s Earnings to Shape Market Sentiment
Set to be unveiled on Wednesday, Nvidia’s financial performance will undergo meticulous examination, amid ongoing trepidations regarding inflated valuations permeating the technology sector.
Resumption of Economic Data Flow
Moreover, the forthcoming week heralds a reassuring influx of economic statistics, resuming after last week’s cessation from the US government shutdown.
Critical Economic Indicators on the Horizon
Among the pivotal economic benchmarks scheduled for release are the delayed employment figures for September, existing home sales for October, and preliminary S&P US services and manufacturing PMIs for November.
These reports are essential for assessing the present trajectory of the American economy following a period characterized by uncertainty in data reporting.
Economic Calendar
- November 17 (Monday): Empire State manufacturing survey findings for November.
- November 18 (Tuesday): Reports on industrial production for October, home builder confidence index for November, and business inventories for August.
- November 19 (Wednesday): Philadelphia Fed manufacturing survey results for November, October housing starts, October building permits, US trade deficit for August, and minutes from the Federal Reserve’s October FOMC meeting.
- November 20 (Thursday): US employment report for September, initial jobless claims for the week concluded on November 15, October existing home sales, and US leading economic indicators for October.
- November 21 (Friday): S&P flash US services PMI for November, S&P flash US manufacturing PMI for November, and final consumer sentiment for November.
Earnings Reports on the Docket
The following companies are slated to announce their third-quarter earnings in the upcoming week: XPeng, Brady, Magic, LifeMD, Home Depot, Medtronic, Baidu, Futu, Amer Sports, Nvidia, Palo Alto Networks, Lowe’s, Target, Walmart, Intuit, Jacobs Solutions, MINISO, and Inventiva.
Market Recap from the Previous Week
The US stock market experienced a rebound on Friday, after an initial period of inactivity, as focus shifted toward stocks related to artificial intelligence.
Nvidia’s Trading Dynamics
Nvidia commenced the trading day on a downward trajectory but subsequently regained its losses, buoying the broader market. In tandem, declines were observed in Bitcoin and gold prices, alongside an uptick in Treasury yields.
Market Closing Statistics
The S&P 500 edged down by 3.38 points, or 0.1%, closing at 6,734.11. The Dow Jones Industrial Average decreased by 309.74 points, or 0.7%, settling at 47,147.48. Conversely, the Nasdaq Composite registered a gain of 30.23 points, or 0.1%, finishing at 22,900.59.
Weekly Performance Overview
Over the week, the S&P 500 increased by 5.31 points, representing a 0.1% rise. The Dow advanced by 160.38 points, or 0.3%. Meanwhile, the Nasdaq saw a decline of 103.95 points, equating to 0.5%.
Treasury Yield Movement
In the bond market, the yield on the 10-year Treasury rose to 4.14%, a slight increase from 4.11% late on Thursday.
Source link: Livemint.com.
