The Federal Reserve’s preferred inflation measure and a handful of major earnings reports will take the spotlight this week. Keep an eye out for the following:
Monday, November 27th
Zscaler: Stay tuned for the announcement of their results.
New-Home Sales Data by The Census Bureau: The report will shed light on sales of newly constructed single-family homes. Expectations suggest a decline to a seasonally adjusted annual rate of 700,000 in October, compared to 759,000 in September.
Tuesday, November 28th
S&P CoreLogic’s Case-Shiller National Home Price Index: This report will provide insights into the housing market, focusing on the month of September. Analysts predict a year-over-year jump of 4.2%, an increase from the 2.2% rise seen in August.
Earnings Reports: Look out for quarterly results from the following companies:
- Intuit
- Hewlett Packard Enterprise
- Workday
- CrowdStrike
- NetApp
- VMware
- Splunk
Additionally, be sure to watch out for other significant economic data releases later this week:
Thursday, November 30th
Personal Income and Expenditures Data by the Bureau of Labor Statistics: This report will include the core personal-consumption expenditures price index for October, which serves as the Federal Reserve’s preferred inflation measure. It is projected to increase by 3.5% compared to the previous year, slightly lower than the 3.7% increase recorded in September.
Other Economic Data
- Monday: The Census Bureau will release new-home sales data.
- Tuesday: S&P CoreLogic will unveil the Case-Shiller National Home Price Index for September, while the Conference Board will reveal the Consumer Confidence Index for November.
- Friday: The Institute for Supply Management will publish the Manufacturing Purchasing Managers’ Index for November.
With these key events and reports, the week promises to be eventful for both investors and economists alike. Stay informed and watch for developments in the market.
Consumer Confidence Index and Earnings Reports
The Conference Board is set to release its Consumer Confidence Index for November on Wednesday, 11/29. This index provides valuable insights into the sentiment and spending habits of consumers.
On the same day, several companies will be releasing their earnings reports. Among them are Snowflake, Synopsys, Okta, Pure Storage, Dollar Tree, Five Below, Foot Locker, and Victoria’s Secret. These reports will offer a glimpse into the financial performance of these companies.
Gross Domestic Product Growth Estimate
The Bureau of Economic Analysis is scheduled to release its second estimate of gross domestic product (GDP) growth for the third quarter. The previous estimate indicated that the third-quarter GDP grew at a seasonally adjusted annual rate of 4.9%.
Core Personal-Consumption Expenditures Price Index
On Thursday, 11/30, the Bureau of Labor Statistics will release the core personal-consumption expenditures price index for October. This index is an important measure of inflation preferred by the Federal Reserve. It excludes volatile food and energy prices. Analysts predict that the index will show a year-over-year increase of 3.5%, a slight decline from September’s rise of 3.7%.
Salesforce and Ulta Beauty Earnings
In regard to earnings reports, Salesforce is expected to announce its third-quarter results after the market closes on Thursday. Wall Street analysts anticipate earnings per share of $2.06 on sales of $8.7 billion for the company. It is worth noting that Salesforce shares have seen a significant increase of 70% this year.
Ulta Beauty’s quarterly results will also be released after the market closes on Thursday. This will provide insight into consumer spending on discretionary items in the current economic climate. Ulta Beauty was selected as a stock pick in February.
Other companies announcing their results on Thursday include Dell, Marvell Technology, Samsara, UiPath, and Kroger.
Manufacturing Purchasing Managers’ Index
On Friday, 12/1, the Institute for Supply Management will release its Manufacturing Purchasing Managers’ Index for November. This index is a key indicator of the health of the manufacturing sector.