Let’s Get Ready for Next Week’s Economic Data and Earnings
We're watching to see if the numbers challenge the market’s rate-cut expectations.
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As our focus turns to the Thanksgiving holiday, the abbreviated market hours on Friday, and the Pro Portfolio’s November Monthly Roundup being published on Monday, December 1, we’re going to get a little bit ahead of things and share with you the calendar of economic data and earnings reports on tap for next week.
Our reason for doing this is that soon after the market opens on Monday, we will get the November Manufacturing PMI figures from ISM and S&P Global, and potentially the October Construction Spending Report. We say "potentially" because it’s listed on many calendars, but we would not be surprised if that report slips, like several others have, given the recent government shutdown.
We’ll reiterate that with the market’s expectation for a December rate cut having rebounded to nearly 83% this week, per the CME FedWatch tool, we could see market volatility return if the incoming data challenge that expectation.
With that in mind, here’s what we’re looking at next week, one that also begins the Fed’s blackout period ahead of its December 10 policy decision.
Separately, we wish you all a wonderful Thanksgiving holiday! As I like to say, “gobble ‘til you wobble,” and if you’re one of the millions traveling, be safe and take your time.
U.S. Economic Data
Monday, December 1
· S&P Manufacturing PMI (Final) – November (9:45 AM ET)
· ISM Manufacturing PMI – November (10:00 AM ET)
· Construction Spending – October (10:00 AM ET)
Tuesday, December 2
· RCM/TIPP Economic Optimism Index – December (10:10 AM ET)
Wednesday, December 3
· MBA Mortgage Applications Index – Weekly (7:00 AM ET)
· ADP Employment Change Report – November (8:15 AM ET)
· S&P Global Services PMI (Final) – November (9:45 AM ET)
· ISM Services PMI – November (10:00 AM ET)
· EIA Crude Oil Inventories – Weekly (10:30 AM ET)
Thursday, December 4
· Initial & Continuing Jobless Claims – Weekly (8:30 AM ET)
· Challenger Job Cuts Report – November (7:30 AM ET)
· EIA Natural Gas Inventories – Weekly (10:30 AM ET)
Friday, December 5
· Personal Income & Spending, PCE Price Index – September (10:00 AM ET)
· Factory Orders – October (10:00 AM ET)
· Michigan Consumer Sentiment Index (Prelim) – December (10:00 AM ET)
Next Week’s Earnings Reports
Monday, December 1
· Close: Credo Technology (CRDO)
Tuesday, December 2
· Open: Signet Jewelers (SIG)
· Close: American Eagle (AEO), Box (BOX), CrowdStrike (CRWD), Marvell (MRVL), Okta (OKTA), Pure Storage (PSTG)
· We also have the UBS Global Technology and AI Conference at which Arista Networks (ANET), Axon (AXON), Eaton (ETN), and Microsoft (MSFT) will be presenting.
Wednesday, December 3
· Open: Dollar Tree (DLTR), Macy’s (M)
· Close: C3.ai (AI), Five Below (FIVE), PVH (PVH), Salesforce (CRM), Snowflake (SNOW)
Thursday, December 4
· Open: Dollar General (DG), Hormel Foods (HRL), Kroger (KR), Science Applications (SAIC)
· Close: Cooper (COO), Hewlett Packard Enterprise (HPE), SentinelOne (S), ServiceTitan (TTAN), Ulta Beauty (ULTA).
Friday, December 5
· Open: Victoria’s Secret (VSCO)
More Pro Portfolio:
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At the time of publication, TheStreet Pro Portfolio was long CRDO, MRVL, ANET, AXON, ETN and MSFT.
