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Jack Ma Marks His Return to Alibaba for Tuesday's Earnings
"Black Friday" Awaits, As Does a G20 Summit in South Africa
What is happening in this Global Week Ahead?
Global markets head into another packed week, where political leaders, policy makers, and consumers take center stage — against a backdrop of nervy financial markets — with tech stocks and the likes of bitcoin coming under fire.
Alibaba’s ((BABA - Free Report) ) earnings offer a snapshot of Chinese consumer demand, and
U.S. retailers brace for Black Friday
G20 leaders gather in South Africa, while
The U.K.'s finance minister delivers a highly anticipated budget
Next are Reuters’ Five World Market Themes, Re-ordered for Equity Traders—
(1) Bitcoin Trading Down in Price. Way Down in Price! Where To from Here?
Bitcoin, the apparent runaway-market success story of the past two years, is in a funk.
It has lost roughly a third in value since early October's record $126,223, as investors grow increasingly nervous of anything that has risen that much that quickly, like AI-related stocks.
Even gold has been reined in by that same concern, to some extent.
The crypto market as a whole has lost over $1 trillion in value since Bitcoin's all-time high, as capital has flooded out of anything from meme coins to exchange-traded funds.
With little in the way of new fundamental catalysts, traders often latch on to technical charts to determine where a price should go next.
Bitcoin is firmly below $90,000, and a so-called "death cross" has materialized on the charts this week — where the 50-day moving average crosses below the 200-day — often a harbinger of more losses ahead.
(2) Alibaba Reports on November 25th. What Will Be the Market’s Response?
Alibaba's earnings on Nov. 25th may reveal whether founder Jack Ma can deliver on his vow to "Make Alibaba Great Again" as he returns to favor in Beijing, following a lengthy fall from grace.
The stock, the largest component of Hong Kong's Hang Seng Tech index, has almost doubled this year as investors vie for a slice of the red-hot Chinese AI sector.
But shares fell this month as the company faced allegations that it provides tech support for Chinese military operations against targets in the U.S., the FT reported. Alibaba has denied the accusations.
Alibaba has since announced an aggressive push into consumer AI, but that market is increasingly crowded.
Citi reckons it won't be easy for Alibaba's chatbot Qwen to easily replace the likes of ChatGPT.
(3) At the End of This Week, the U.S. “Black Friday” Shopping Event Happens
Focus on U.S. consumer spending will come into view next week with Black Friday heralding the important holiday shopping season.
Black Friday, the day after Thanksgiving that ushers in holiday sales, arrives as data have shown consumer sentiment slumping and inflation staying firm.
Still, a solid few years for the U.S. stock market could be making particularly higher-income consumers feel wealthier and ready to shop.
Next Tuesday's delayed release of September retail sales will also offer insight into consumer spending, which makes up more than two-thirds of U.S. economic activity.
(4) A G20 Leader’s Summit Happens in South Africa
South Africa hosts the final G20 leaders' summit of its presidency before handing the baton to the U.S., as global economic growth slows, debt pressures mount, and poorer economies face severe climate-related impacts.
The meeting will proceed without U.S. representation, as President Donald Trump has announced the world's largest economy will not take part. South African President Cyril Ramaphosa has said he expects to pass the G20 gavel to an empty chair.
Pretoria intends to conclude its term by advancing priorities such as debt relief for struggling nations, fairer global trade regulations and improved climate financing for vulnerable countries.
But the absence of the group's largest economy raises questions about the bloc's ability to resolve critical global challenges.
(5) On Wednesday, November 26th, the U.K. Government Presents Its Budget
Pre-budget leaks and speculation are par for the course for U.K. finance ministers. Yet the build-up to Rachel Reeves' Nov. 26th budget has been on another level entirely.
Reeves must raise tens of billions of pounds in taxes to stay on track for her self-imposed fiscal rules.
Reports a week ago that she had no plans to raise income tax took markets by surprise. Just days earlier investors had taken an unexpected speech by the finance minister as a sign of tax hikes coming.
No doubt, Britain's Labor government is walking a tightrope as it tries to reassure bond markets that it can be trusted to be fiscally prudent while appeasing voters that manifesto pledges to not hike taxes will not be broken.
Recent selling in bonds, sterling and bank shares shows markets on edge. The budget wait is almost over but U.K. market volatility is likely not.
Zacks #1 Rank (STRONG BUY) Stocks
I picked three U.S. large-cap stocks this week.
(1) Aercap (AER - Free Report) : This is a $131 a share stock, with a market cap of $24.7B. It is found in Zacks Aircraft Transportation – Equipment & Leasing industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Aercap Holdings is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading, and parts sales.
They also provide aircraft management services and perform aircraft and engine maintenance, repair and overhaul services; and do aircraft disassemblies, through its certified repair stations.
(2) T. Rowe Price (TROW - Free Report) : This is a $97 a share stock, with a market cap of $21.3B. It is found in the Zacks Financial Investment industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Founded in 1937 and headquartered in Baltimore, T. Rowe Price Group, Inc. is a global investment management organization with $1.68 trillion in asset under management (AUM) as of June 30, 2025.
It provides a broad array of mutual funds, sub-advisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries.
Through its subsidiaries, T. Rowe Price manages separate client-focused equity, fixed income and balanced portfolios along with mutual funds. Its client base includes individual investors, defined contribution retirement plans, institutional investors and third-party distributors, among others.
The company operates worldwide from the United States, England, Luxembourg, Australia, Hong Kong, Japan and Singapore.
The components of net revenues are investment advisory, administrative and distribution, and servicing fees.
The Investment Advisory Services earn fees for managing the investment portfolios that are computed using the market value of AUM.
The Administrative Services provides advisory-related administrative services to price funds through its subsidiaries. Overall, it provides mutual fund transfer agency and shareholder services, accounting services and participant accounting, plan administration and transfer agent services.
Additionally, the company provides trustee services and other non-discretionary advisory planning services to fund shareholders and potential investors.
The Distribution and Servicing fees represent servicing fees earned from 12b-1 plans of the Advisor and R classes of sponsored mutual funds.
In 2023, T. Rowe Price acquired Retiree, Inc., a fintech firm providing innovative retirement income planning software.
In 2021, it completed the buyout of Oak Hill Advisors, L.P.(OHA), in a cash-and-stock transaction valued at $4.2 billion and transformed the responsibility of its full-service retirement recordkeeping business to Fidelity National.
In 2017, it acquired a new fund from Henderson Global Investors.
(3) Lumentum (LITE - Free Report) : This is a $233 a share tech stock, with a market cap of $19.1B. It is found in the Zacks Communication Components industry. There is a Zacks Value score of F, a Zacks Growth score of B, and a Zacks Momentum score of C.
Image Source: Zacks Investment Research
Lumentum Holdings is a manufacturer of innovative optical and photonic products.
The company's operating segment consists of Optical Communications and Commercial Lasers.
The Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers
The Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining
Lumentum Holdings is headquartered in Milpitas, California.
Key Global Macro
This should be a quiet Thanksgiving holiday week, for U.S. macro-economic releases.
On Monday, the Chicago Fed National Activity Index for OCT comes out. The prior reading was -0.12%.
On Tuesday, the U.S. ADP 4-week Employment Change data comes out. -2.5K was the prior data.
U.S. Retail Sales for SEP come out. The prior reading was +0.6% m/m. The consensus looks for +0.4% m/m.
On Wednesday, U.S. Durable Goods Orders (ex-Defense) for SEP come out. The prior was +1.9% y/y. The consensus is for +1.9% y/y.
On Thursday, Japan’s Tokyo CPI comes out for NOV. The prior reading was +2.8% y/y.
On Friday, Swiss GDP for Q3 comes out. The prior Q2 reading was weak at +0.1%.
Conclusion
On Nov. 19th, Zacks Research Director Sheraz Mian delivered a fresh earnings update.
Four Points:
(1) For the 466 S&P500 index members that have reported Q3 results, total earnings are up +14.0% from the same period last year, on +7.9% higher revenues.
83.0% beat EPS estimates and 75.3% beat revenue estimates.
The proportion of these 466 index members beating both EPS and revenue estimates is 65.9%.
(2) The Q3 earnings and revenue growth pace for these 466 S&P500 index members represents an acceleration, relative to what we have seen from this same group of companies, in recent quarters.
The proportion of these 466 S&P500 index members beating EPS and revenue estimates is tracking significantly above the historical averages, for this same group of companies.
(3) For the Retail sector, we now have Q3-25 results from 76.7% of sector companies in the S&P 500 index.
Total earnings for these companies are up +18.5%, on +8.4% higher revenues.
69.6% beat EPS estimates and 82.6% beat revenue estimates.
(4) Looking at Q3-2025 as a whole, we combine the actual results from the 466 S&P500 index members that have reported, with estimates for the still-to-come companies.
Zacks expects total S&P500 index earnings to be up +14.8% from the same period last year, on +8.1% higher revenues.
That’s basically a wrap on backward-looking Q3-25 earnings.
Best of luck, in this short vacation week, in your share trading and investing!
The holiday shopping season is here.
Take some profits — and enjoy the festivities!
John Blank, PhD. Zacks Chief Equity Strategist and Economist
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Bitcoin Down, Tech Shares Down: Global Week Ahead
Key Takeaways
What is happening in this Global Week Ahead?
Global markets head into another packed week, where political leaders, policy makers, and consumers take center stage — against a backdrop of nervy financial markets — with tech stocks and the likes of bitcoin coming under fire.
Next are Reuters’ Five World Market Themes, Re-ordered for Equity Traders—
(1) Bitcoin Trading Down in Price. Way Down in Price! Where To from Here?
Bitcoin, the apparent runaway-market success story of the past two years, is in a funk.
It has lost roughly a third in value since early October's record $126,223, as investors grow increasingly nervous of anything that has risen that much that quickly, like AI-related stocks.
Even gold has been reined in by that same concern, to some extent.
The crypto market as a whole has lost over $1 trillion in value since Bitcoin's all-time high, as capital has flooded out of anything from meme coins to exchange-traded funds.
With little in the way of new fundamental catalysts, traders often latch on to technical charts to determine where a price should go next.
Bitcoin is firmly below $90,000, and a so-called "death cross" has materialized on the charts this week — where the 50-day moving average crosses below the 200-day — often a harbinger of more losses ahead.
(2) Alibaba Reports on November 25th. What Will Be the Market’s Response?
Alibaba's earnings on Nov. 25th may reveal whether founder Jack Ma can deliver on his vow to "Make Alibaba Great Again" as he returns to favor in Beijing, following a lengthy fall from grace.
The stock, the largest component of Hong Kong's Hang Seng Tech index, has almost doubled this year as investors vie for a slice of the red-hot Chinese AI sector.
But shares fell this month as the company faced allegations that it provides tech support for Chinese military operations against targets in the U.S., the FT reported. Alibaba has denied the accusations.
Alibaba has since announced an aggressive push into consumer AI, but that market is increasingly crowded.
Citi reckons it won't be easy for Alibaba's chatbot Qwen to easily replace the likes of ChatGPT.
(3) At the End of This Week, the U.S. “Black Friday” Shopping Event Happens
Focus on U.S. consumer spending will come into view next week with Black Friday heralding the important holiday shopping season.
Black Friday, the day after Thanksgiving that ushers in holiday sales, arrives as data have shown consumer sentiment slumping and inflation staying firm.
Still, a solid few years for the U.S. stock market could be making particularly higher-income consumers feel wealthier and ready to shop.
Next Tuesday's delayed release of September retail sales will also offer insight into consumer spending, which makes up more than two-thirds of U.S. economic activity.
(4) A G20 Leader’s Summit Happens in South Africa
South Africa hosts the final G20 leaders' summit of its presidency before handing the baton to the U.S., as global economic growth slows, debt pressures mount, and poorer economies face severe climate-related impacts.
The meeting will proceed without U.S. representation, as President Donald Trump has announced the world's largest economy will not take part. South African President Cyril Ramaphosa has said he expects to pass the G20 gavel to an empty chair.
Pretoria intends to conclude its term by advancing priorities such as debt relief for struggling nations, fairer global trade regulations and improved climate financing for vulnerable countries.
But the absence of the group's largest economy raises questions about the bloc's ability to resolve critical global challenges.
(5) On Wednesday, November 26th, the U.K. Government Presents Its Budget
Pre-budget leaks and speculation are par for the course for U.K. finance ministers. Yet the build-up to Rachel Reeves' Nov. 26th budget has been on another level entirely.
Reeves must raise tens of billions of pounds in taxes to stay on track for her self-imposed fiscal rules.
Reports a week ago that she had no plans to raise income tax took markets by surprise. Just days earlier investors had taken an unexpected speech by the finance minister as a sign of tax hikes coming.
No doubt, Britain's Labor government is walking a tightrope as it tries to reassure bond markets that it can be trusted to be fiscally prudent while appeasing voters that manifesto pledges to not hike taxes will not be broken.
Recent selling in bonds, sterling and bank shares shows markets on edge. The budget wait is almost over but U.K. market volatility is likely not.
Zacks #1 Rank (STRONG BUY) Stocks
I picked three U.S. large-cap stocks this week.
(1) Aercap (AER - Free Report) : This is a $131 a share stock, with a market cap of $24.7B. It is found in Zacks Aircraft Transportation – Equipment & Leasing industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Aercap Holdings is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading, and parts sales.
They also provide aircraft management services and perform aircraft and engine maintenance, repair and overhaul services; and do aircraft disassemblies, through its certified repair stations.
(2) T. Rowe Price (TROW - Free Report) : This is a $97 a share stock, with a market cap of $21.3B. It is found in the Zacks Financial Investment industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Founded in 1937 and headquartered in Baltimore, T. Rowe Price Group, Inc. is a global investment management organization with $1.68 trillion in asset under management (AUM) as of June 30, 2025.
It provides a broad array of mutual funds, sub-advisory services and separate account management for individual and institutional investors, retirement plans and financial intermediaries.
Through its subsidiaries, T. Rowe Price manages separate client-focused equity, fixed income and balanced portfolios along with mutual funds. Its client base includes individual investors, defined contribution retirement plans, institutional investors and third-party distributors, among others.
The company operates worldwide from the United States, England, Luxembourg, Australia, Hong Kong, Japan and Singapore.
The components of net revenues are investment advisory, administrative and distribution, and servicing fees.
In 2023, T. Rowe Price acquired Retiree, Inc., a fintech firm providing innovative retirement income planning software.
In 2021, it completed the buyout of Oak Hill Advisors, L.P. (OHA), in a cash-and-stock transaction valued at $4.2 billion and transformed the responsibility of its full-service retirement recordkeeping business to Fidelity National.
In 2017, it acquired a new fund from Henderson Global Investors.
(3) Lumentum (LITE - Free Report) : This is a $233 a share tech stock, with a market cap of $19.1B. It is found in the Zacks Communication Components industry. There is a Zacks Value score of F, a Zacks Growth score of B, and a Zacks Momentum score of C.
Image Source: Zacks Investment Research
Lumentum Holdings is a manufacturer of innovative optical and photonic products.
The company's operating segment consists of Optical Communications and Commercial Lasers.
Lumentum Holdings is headquartered in Milpitas, California.
Key Global Macro
This should be a quiet Thanksgiving holiday week, for U.S. macro-economic releases.
On Monday, the Chicago Fed National Activity Index for OCT comes out. The prior reading was -0.12%.
On Tuesday, the U.S. ADP 4-week Employment Change data comes out. -2.5K was the prior data.
U.S. Retail Sales for SEP come out. The prior reading was +0.6% m/m. The consensus looks for +0.4% m/m.
On Wednesday, U.S. Durable Goods Orders (ex-Defense) for SEP come out. The prior was +1.9% y/y. The consensus is for +1.9% y/y.
On Thursday, Japan’s Tokyo CPI comes out for NOV. The prior reading was +2.8% y/y.
On Friday, Swiss GDP for Q3 comes out. The prior Q2 reading was weak at +0.1%.
Conclusion
On Nov. 19th, Zacks Research Director Sheraz Mian delivered a fresh earnings update.
Four Points:
(1) For the 466 S&P500 index members that have reported Q3 results, total earnings are up +14.0% from the same period last year, on +7.9% higher revenues.
83.0% beat EPS estimates and 75.3% beat revenue estimates.
The proportion of these 466 index members beating both EPS and revenue estimates is 65.9%.
(2) The Q3 earnings and revenue growth pace for these 466 S&P500 index members represents an acceleration, relative to what we have seen from this same group of companies, in recent quarters.
The proportion of these 466 S&P500 index members beating EPS and revenue estimates is tracking significantly above the historical averages, for this same group of companies.
(3) For the Retail sector, we now have Q3-25 results from 76.7% of sector companies in the S&P 500 index.
Total earnings for these companies are up +18.5%, on +8.4% higher revenues.
69.6% beat EPS estimates and 82.6% beat revenue estimates.
(4) Looking at Q3-2025 as a whole, we combine the actual results from the 466 S&P500 index members that have reported, with estimates for the still-to-come companies.
Zacks expects total S&P500 index earnings to be up +14.8% from the same period last year, on +8.1% higher revenues.
That’s basically a wrap on backward-looking Q3-25 earnings.
Best of luck, in this short vacation week, in your share trading and investing!
The holiday shopping season is here.
Take some profits — and enjoy the festivities!
John Blank, PhD.
Zacks Chief Equity Strategist and Economist