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We expect another consequential week for the stock market, if for no other reason than Zacks Rank #1 (Strong Buy)-rated NVIDIA (NVDA - Free Report) is scheduled to report Q3 earnings Wednesday after the closing bell. Earnings season is pretty well exhausted, with NVIDIA the last of the Big Tech companies joining Walmart (WMT - Free Report) , Target (TGT - Free Report) and other retailers reporting this week.
Trading indexes were down last week, between -2% on the blue-chip Dow and -5% on the small-cap Russell 2000, with the S&P 500 and Nasdaq in between. Pre-market futures are flat-to-mixed at this hour, with the Dow and S&P slightly in the red, and the Nasdaq and Russell a smidge into the green.
The Last Consequential Week on Q3 Earnings Season
NVIDIA will pull most of the earnings headlines this week in terms of Q3 earnings season, and next week still brings us more retailers like Macy’s (M - Free Report) reporting, but this week is retail-centric for earnings reports. Lowe’s (LOW - Free Report) , TJX Companies (TJX - Free Report) and The Gap (GAP - Free Report) are among those big-box retailers reporting.
In addition, important companies like Medtronic (MDT - Free Report) and cybersecurity firm Palo Alto Networks (PANW - Free Report) grace us with their earnings results by the end of this week. By Friday morning, nearly all S&P 500 stocks will have been accounted for this earnings season.
Economic Prints Expected This Week
In addition, this week is an important one for housing data. After today’s opening bell, the November Homebuilder Confidence survey gets released, followed by Housing Starts and Building Permits tomorrow and Existing Home Sales on Thursday morning. With mortgage rates in flux thanks to Fed interest rate policy, it’s unclear where these numbers are expected to land in general.
Next week is Thanksgiving, and as such will be concentrated into a shortened tenure for economic data. However, it will be even busier than this week, with Case-Shiller home prices, New and Pending Home Prices, Fed minutes from the last FOMC meeting, Durable Goods Orders, GDP and PCE figures will all hit the tape before the turkey is served.
By the end of this week, we’ll not only see a vast array of results, but we’ll have a better gauge on risk assessment from stock market participants. Following a near-term peak a week following the General Election, indexes have been on a downturn-turned-flat market.
Bond yields had been moving up to highlight some inflation concerns in the economy looking ahead, but are fairly calm right now: +4.45% on the 10-year and +4.30% on the 2-year. Comparing these numbers with the current Fed funds rate, a December cut of 25 basis points (bps) still looks reasonable. We’ll see if this week changes any of these trajectories.
Image: Bigstock
Big Week for NVDA, Retail Earnings and Housing
Monday, November 18, 2024
We expect another consequential week for the stock market, if for no other reason than Zacks Rank #1 (Strong Buy)-rated NVIDIA (NVDA - Free Report) is scheduled to report Q3 earnings Wednesday after the closing bell. Earnings season is pretty well exhausted, with NVIDIA the last of the Big Tech companies joining Walmart (WMT - Free Report) , Target (TGT - Free Report) and other retailers reporting this week.
Trading indexes were down last week, between -2% on the blue-chip Dow and -5% on the small-cap Russell 2000, with the S&P 500 and Nasdaq in between. Pre-market futures are flat-to-mixed at this hour, with the Dow and S&P slightly in the red, and the Nasdaq and Russell a smidge into the green.
The Last Consequential Week on Q3 Earnings Season
NVIDIA will pull most of the earnings headlines this week in terms of Q3 earnings season, and next week still brings us more retailers like Macy’s (M - Free Report) reporting, but this week is retail-centric for earnings reports. Lowe’s (LOW - Free Report) , TJX Companies (TJX - Free Report) and The Gap (GAP - Free Report) are among those big-box retailers reporting.
In addition, important companies like Medtronic (MDT - Free Report) and cybersecurity firm Palo Alto Networks (PANW - Free Report) grace us with their earnings results by the end of this week. By Friday morning, nearly all S&P 500 stocks will have been accounted for this earnings season.
Economic Prints Expected This Week
In addition, this week is an important one for housing data. After today’s opening bell, the November Homebuilder Confidence survey gets released, followed by Housing Starts and Building Permits tomorrow and Existing Home Sales on Thursday morning. With mortgage rates in flux thanks to Fed interest rate policy, it’s unclear where these numbers are expected to land in general.
Next week is Thanksgiving, and as such will be concentrated into a shortened tenure for economic data. However, it will be even busier than this week, with Case-Shiller home prices, New and Pending Home Prices, Fed minutes from the last FOMC meeting, Durable Goods Orders, GDP and PCE figures will all hit the tape before the turkey is served.
By the end of this week, we’ll not only see a vast array of results, but we’ll have a better gauge on risk assessment from stock market participants. Following a near-term peak a week following the General Election, indexes have been on a downturn-turned-flat market.
Bond yields had been moving up to highlight some inflation concerns in the economy looking ahead, but are fairly calm right now: +4.45% on the 10-year and +4.30% on the 2-year. Comparing these numbers with the current Fed funds rate, a December cut of 25 basis points (bps) still looks reasonable. We’ll see if this week changes any of these trajectories.
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