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Existing Home Sales Surge in October

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We’re about to put a wrap on this trading week, which took a nice step forward yesterday after remaining relatively flat for most of the week. Again we see flatness in pre-market futures in all but the small-cap Russell 2000, which is +0.24% at this hour.

The Dow is coming off its single-best trading day since September 6th, and is about as flat as can be: +0.01%. The S&P 500 and the Nasdaq are incrementally lower, -0.08% and -0.19%, respectively. Bond yields are reclining a tad but staying within range, +4.406% on the 10-year and +4.341% on the 2-year.

We’re also tying a bow on Q3 earnings season overall, with most of the S&P 500 already having reported. Only a few companies, like Macy’s (M - Free Report) , report earnings in the coming week; mostly what’s left are retailers whose Q3 is technically for 2025 and end on Halloween instead of the end of September. We haven’t had 100+ companies report earnings since Tuesday, and the Magnificent 7 concluded with NVIDIA’s (NVDA - Free Report) report on Wednesday.

What to Expect in the Stock Market Today

After the opening bell this Friday, S&P flash PMI for Services and Manufacturing come out for November. The Services side is comfortably above the 50-level, which determines growth or loss: 54.1 was last month’s print, and expectations are for this month to reach 55.0. Manufacturing is a different story: 48.5 was registered last month, which is expected to tick up to 48.8 today. Both are still below the 50 demarcation point.

Consumer Sentiment results are also expected today after the opening bell rings, also for November. This is expected to improve incrementally as well: to 73.5 estimated from 73.0 reported a month ago. We’ve seen a lot of positive sentiment in the market regarding a Republican sweep of the federal government from Election Day, but only time will tell if this will directly translate into lower prices for consumers.

What’s in the Cards for Next Week?

Aside from the final sweep-up of Q3 earnings season, we have a shortened trading week starting Monday, accounting for Thursday’s Thanksgiving holiday in the U.S. and a half-day of trading on Friday. The holiday shopping season will officially be upon us, as will important economic prints such as home prices and home sales, Durable Goods Orders, Retail/Wholesale Inventories and the latest PCE report — the Fed’s preferred gauge for inflation in the economy.


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