Monday November 28, 2022: $144.22 -($3.89) -(2.63%)
Nov 28, 2022 2:56:50 GMT -8
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Post by Dave on Nov 28, 2022 2:56:50 GMT -8
Good morning, it’s Monday. This morning’s pre-market is red at -1.80% at this moment.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
Monday, November 28
Pinduoduo Inc. (PDD) reports earnings
Dallas Fed Manufacturing Index (Nov)
Cyber Monday in the U.S.
Tuesday, November 29
Intuit Inc. (INTU), Bank of Nova Scotia (BNS), Workday Inc. (WDAY), CrowdStrike Holdings (CRWD), NetApp Inc. (NTAP), and Shaw Communications (SJR) report earnings
S&P Case-Shiller Home Price Index (Sep)
Freddie Mac House Price Index (Sep)
CB Consumer Confidence Index (Nov)
Wednesday, November 30
Salesforce (CRM), Royal Bank of Canada (RY), Synopsys Inc. (SNPS), Snowflake Inc. (SNOW), Hormel Foods Corp. (HRL), KE Holdings (BEKE), Splunk Inc. (SPLK), Pure Storage Inc. (PSTG), Five Below Inc. (FIVE), Okta Inc. (OKTA), Donaldson Company (DCI), PVH Corp. (PVH), Petco Health & Wellness Co. (WOOF), and La-Z-Boy Inc. (LZB) report earnings
Job Openings and Labor Turnover Survey (JOLTS) Report (Oct)
ADP National Employment Report (Nov)
U.S. GDP Growth Rate - Second Estimate (Q3 2022)
Real Consumer Spending - Quarterly Avg. (Q3 2022)
PCE Price Index (Q3 2022)
Corporate Profits (Q3 2022)
Goods Trade Balance (Oct)
Wholesale Inventories (Oct)
Retail Inventories (Oct)
Chicago PMI (Nov)
Pending Home Sales (Nov)
Fed Beige Book Release
Thursday, December 1
Toronto Dominion Bank (TD), Bank of Montreal (BMO), Dollar General (DG), Marvell Technology (MRVL), The Kroger Company (KR), Veeva Systems (VEEV), Ulta Beauty (ULTA), UiPath (PATH), Smartsheet Inc. (SMAR), Asana Inc. (ASAN), Designer Brands Inc. (DBI), and Big Lots (BIG) report earnings
PCE Price Index (Oct)
Personal Income (Oct)
Personal Spending (Oct)
Construction Spending (Oct)
S&P Global Manufacturing PMI - Final (Nov)
ISM Manufacturing PMI (Nov)
Friday, December 2
Nonfarm Payrolls Report (Nov)
A Snapshot of the Labor Market
The U.S. labor market will be in the spotlight next week, with the latest Job Openings and Labor Turnover Survey (JOLTS) report due on Wednesday, tracking job openings, hires, quits, and separations for the month of October. Job openings are projected to have fallen to 10.4 million in October, following an unexpectedly strong reading of 10.7 million openings in September. Also on Wednesday, payroll services provider ADP will release its National Employment Report for November, capturing growth in private sector payrolls. Economists project private businesses added 203,000 positions for the month, following a gain of 239,000 positions in October that exceeded expectations of 195,000.
On Friday, the BLS will release its nonfarm payrolls report for November. The U.S. economy likely added 200,000 jobs this month, decelerating from a 261,000 position gain in October that marked the lowest payroll growth since December of 2020. The unemployment rate is projected to tick higher to 3.8%, up from its current rate of 3.7%. Despite a recent slowdown in job growth, the U.S. labor market remains strong, with unemployment near a 50-year low. As of last month, total nonfarm payrolls exceeded 153.3 million, or 0.5% above their pre-pandemic peak of 152.5 million recorded in February of 2020.
Will Home Prices Continue to Cool?
We’ll also receive the latest updates on home prices next week, indicating whether the housing market continued to cool in September. On Tuesday, index provider S&P Global will release its Case-Shiller National Home Price Index, and mortgage originator Freddie Mac will release its national House Price Index (HPI). Home prices have now fallen for two consecutive months starting in July, and are projected to have declined further in September. Annual price growth, as tracked by the Case-Shiller Index, likely decelerated to 11.4% in September, compared with a 13.1% increase in August and a peak growth rate of 21.3% in April.
The Latest Print on Inflation
On Thursday, the Bureau of Economic Analysis (BEA) will release its latest Personal Consumption Expenditures (PCE) Price Index. The PCE Price Index is the Fed’s preferred measure of inflation, as it more closely tracks spending decisions by U.S. consumers and features a more timely basket of goods and services than the Consumer Price Index (CPI). PCE inflation is projected to have moderated last month, after rising 0.3% in September. On an annual basis, prices likely rose 5.9% from a year earlier, decelerating from a 6.2% gain in September. Core prices, which exclude food and energy costs, likely rose 4.9% year-over-year, decelerating from a 5.1% growth rate in September.
November Auto Sales Outlook
Auto sales in the U.S. likely stagnated in November, as a combination of higher prices and rising interest rates negatively impacted demand. New vehicle sales are projected to reach just over 933,000, marking a 0.3% decline compared to the same period last year, according to a report from J.D. Power and LMC Automotive.
Total auto sales, which account for both new and used vehicles, are projected at 1.102 million, which would mark a 5.6% increase compared to November of 2021.
Monday, November 28
Pinduoduo Inc. (PDD) reports earnings
Dallas Fed Manufacturing Index (Nov)
Cyber Monday in the U.S.
Tuesday, November 29
Intuit Inc. (INTU), Bank of Nova Scotia (BNS), Workday Inc. (WDAY), CrowdStrike Holdings (CRWD), NetApp Inc. (NTAP), and Shaw Communications (SJR) report earnings
S&P Case-Shiller Home Price Index (Sep)
Freddie Mac House Price Index (Sep)
CB Consumer Confidence Index (Nov)
Wednesday, November 30
Salesforce (CRM), Royal Bank of Canada (RY), Synopsys Inc. (SNPS), Snowflake Inc. (SNOW), Hormel Foods Corp. (HRL), KE Holdings (BEKE), Splunk Inc. (SPLK), Pure Storage Inc. (PSTG), Five Below Inc. (FIVE), Okta Inc. (OKTA), Donaldson Company (DCI), PVH Corp. (PVH), Petco Health & Wellness Co. (WOOF), and La-Z-Boy Inc. (LZB) report earnings
Job Openings and Labor Turnover Survey (JOLTS) Report (Oct)
ADP National Employment Report (Nov)
U.S. GDP Growth Rate - Second Estimate (Q3 2022)
Real Consumer Spending - Quarterly Avg. (Q3 2022)
PCE Price Index (Q3 2022)
Corporate Profits (Q3 2022)
Goods Trade Balance (Oct)
Wholesale Inventories (Oct)
Retail Inventories (Oct)
Chicago PMI (Nov)
Pending Home Sales (Nov)
Fed Beige Book Release
Thursday, December 1
Toronto Dominion Bank (TD), Bank of Montreal (BMO), Dollar General (DG), Marvell Technology (MRVL), The Kroger Company (KR), Veeva Systems (VEEV), Ulta Beauty (ULTA), UiPath (PATH), Smartsheet Inc. (SMAR), Asana Inc. (ASAN), Designer Brands Inc. (DBI), and Big Lots (BIG) report earnings
PCE Price Index (Oct)
Personal Income (Oct)
Personal Spending (Oct)
Construction Spending (Oct)
S&P Global Manufacturing PMI - Final (Nov)
ISM Manufacturing PMI (Nov)
Friday, December 2
Nonfarm Payrolls Report (Nov)
A Snapshot of the Labor Market
The U.S. labor market will be in the spotlight next week, with the latest Job Openings and Labor Turnover Survey (JOLTS) report due on Wednesday, tracking job openings, hires, quits, and separations for the month of October. Job openings are projected to have fallen to 10.4 million in October, following an unexpectedly strong reading of 10.7 million openings in September. Also on Wednesday, payroll services provider ADP will release its National Employment Report for November, capturing growth in private sector payrolls. Economists project private businesses added 203,000 positions for the month, following a gain of 239,000 positions in October that exceeded expectations of 195,000.
On Friday, the BLS will release its nonfarm payrolls report for November. The U.S. economy likely added 200,000 jobs this month, decelerating from a 261,000 position gain in October that marked the lowest payroll growth since December of 2020. The unemployment rate is projected to tick higher to 3.8%, up from its current rate of 3.7%. Despite a recent slowdown in job growth, the U.S. labor market remains strong, with unemployment near a 50-year low. As of last month, total nonfarm payrolls exceeded 153.3 million, or 0.5% above their pre-pandemic peak of 152.5 million recorded in February of 2020.
Will Home Prices Continue to Cool?
We’ll also receive the latest updates on home prices next week, indicating whether the housing market continued to cool in September. On Tuesday, index provider S&P Global will release its Case-Shiller National Home Price Index, and mortgage originator Freddie Mac will release its national House Price Index (HPI). Home prices have now fallen for two consecutive months starting in July, and are projected to have declined further in September. Annual price growth, as tracked by the Case-Shiller Index, likely decelerated to 11.4% in September, compared with a 13.1% increase in August and a peak growth rate of 21.3% in April.
The Latest Print on Inflation
On Thursday, the Bureau of Economic Analysis (BEA) will release its latest Personal Consumption Expenditures (PCE) Price Index. The PCE Price Index is the Fed’s preferred measure of inflation, as it more closely tracks spending decisions by U.S. consumers and features a more timely basket of goods and services than the Consumer Price Index (CPI). PCE inflation is projected to have moderated last month, after rising 0.3% in September. On an annual basis, prices likely rose 5.9% from a year earlier, decelerating from a 6.2% gain in September. Core prices, which exclude food and energy costs, likely rose 4.9% year-over-year, decelerating from a 5.1% growth rate in September.
November Auto Sales Outlook
Auto sales in the U.S. likely stagnated in November, as a combination of higher prices and rising interest rates negatively impacted demand. New vehicle sales are projected to reach just over 933,000, marking a 0.3% decline compared to the same period last year, according to a report from J.D. Power and LMC Automotive.
Total auto sales, which account for both new and used vehicles, are projected at 1.102 million, which would mark a 5.6% increase compared to November of 2021.