Evercore ISI head of Internet Research Mark Mahaney discusses the midterm elections’ impact on the U.S. economy as the stock market continues to maintain its rally.
The week ahead is a busy one for investors who continue to monitor the fallout from crypto trading firm FTX. President Biden’s meeting with Chinese President Xi will also dominate the headlines.
BIDEN-XI MEETING: WHAT TO KNOW
Investors are coming off a strong week for U.S. stocks, which saw the Nasdaq Composite gain 8%, its best five-day performance since March.
Nasdaq Composite
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The S&P 500 notched its best week since June, rising nearly 6%, and the Dow Jones Industrial Average was up over 4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33747.86 | +32.49 | +0.10% |
| SP500 | S&P 500 | 3992.93 | +36.56 | +0.92% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11323.330908 | +209.18 | +1.88% |
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Monday 11/14
FTX continues to dominate the headlines after the crypto trading firm filed for Chapter 11 last week.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during the Bloomberg Crypto Summit in New York. On Friday, his net worth was estimated at zero after being worth billions of dollars days earlier. (Jeenah Moon/Bloomberg via Getty Images / Getty Images)
Its CEO and founder Sam Bankman-Fried is under fire as regulators begin to piece together what brought the firm down. Former Treasury Secretary Larry Summers speculated this could be another potential “Enron” situation.
Treasury Secretary Janet Yellen, in an interview with Bloomberg, said the collapse signals the need for cryptocurrency regulation.
Treasury Secretary Janet Yellen (Reuters/Jonathan Ernst / Reuters Photos)
Elsewhere, markets will be watching earnings for Oatly Group and Tyson Foods before they open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| OTLY | OATLY GROUP AB | 2.45 | +0.34 | +16.11% |
| TSN | TYSON FOODS INC. | 67.42 | +0.98 | +1.48% |
INFLATION SLOWDOWN? NOT IN SOME CITIES, WHERE CONSUMER PRICES STILL TOP 12%
Tuesday 11/15
Walmart will dominate the earnings docket on Tuesday as the nation’s biggest retailer is expected to provide clues on inflation and early holiday shopping.
Walmart shares are down just 1.5% this year compared with the S&P’s 16% drop.
Walmart truck driving on the interstate on May 25, 2018, in Bakersfield, California. (iStock / iStock)
Aramark, Energizer, Home Depot, Krispy Kreme and Tencent Music Entertainment will also report earnings before the markets open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ARMK | ARAMARK | 38.75 | +0.64 | +1.67% |
| ENR | ENERGIZER HOLDINGS INC. | 29.43 | -0.02 | -0.07% |
| HD | THE HOME DEPOT INC. | 314.94 | +3.52 | +1.13% |
| DNUT | KRISPY KREME | 14.26 | +0.04 | +0.28% |
| TME | TENCENT MUSIC ENTERTAINMENT GROUP | 4.41 | +0.54 | +13.95% |
On the economic front, the producer price index, which measures inflation at the producer level, is expected to rise 8.3% in line with the prior month’s 8.5% jump as inflation remains stubbornly high.
OCTOBER INFLATION REPORT LIKELY TO SHOW CONSUMER PRICES INCREASED AGAIN
Wednesday 11/16
Lowe’s, NVIDIA, Shoe Carnival, Target and TJX will take the earnings spotlight before the markets open on Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE’S COS. INC. | 208.94 | +4.61 | +2.26% |
| NVDA | NVIDIA CORP. | 163.27 | +5.77 | +3.66% |
| SCVL | SHOE CARNIVAL | 24.58 | -0.40 | -1.60% |
| TGT | TARGET CORP. | 173.27 | +8.92 | +5.43% |
| TJX | THE TJX COS. INC. | 73.95 | -0.02 | -0.03% |
Bath & Body Works, Cisco Systems and Sonos will be on deck after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBWI | BATH & BODY WORKS INC. | 35.98 | +1.55 | +4.52% |
| CSCO | CISCO SYSTEMS INC. | 44.79 | -0.87 | -1.91% |
| SONO | SONOS INC. | 17.67 | +1.16 | +7.03% |
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On the economic data front, retail sales are expected to rise nearly 7%, down slightly from 8.2% the prior month year-over-year. Economists will be watching for clues on early holiday shopping and any impact from red-hot inflation.
Additionally, investors will take in mortgage applications, import prices, export prices, industrial production, business inventories, the National Association of Home Builders’ [NAHB] market index, and the Energy Information Administration’s weekly crude stocks.
Thursday 11/3
Thursday’s earnings before the markets open will include Alibaba Group, BJ’s Wholesale Club, Dole PLC, Helmerich & Payne, Kohl’s, Macy’s and NetEase.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD. | 70.77 | +0.96 | +1.38% |
| BJ | BJS WHSL CLUB HLDGS INC | 76.13 | -3.86 | -4.83% |
| DOLE | DOLE PLC | 9.05 | +0.19 | +2.14% |
| HP | HELMERICH & PAYNE INC. | 52.21 | +1.99 | +3.95% |
| KSS | KOHL’S CORP. | 31.27 | +1.91 | +6.51% |
| M | MACY’S INC. | 21.01 | +0.85 | +4.22% |
| NTES | NETEASE INC. | 64.76 | +2.49 | +4.00% |
Meanwhile, Applied Materials, Dolby Labs, Gap, Palo Alto Networks and Ross Stores will share earnings after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMAT | APPLIED MATERIALS INC. | 110.53 | +5.74 | +5.48% |
| DLB | DOLBY LABORATORIES INC | 70.37 | +0.75 | +1.08% |
| GPS | GAP INC. | 12.29 | +0.76 | +6.59% |
| PANW | PALO ALTO NETWORKS INC. | 165.32 | +1.86 | +1.14% |
| ROST | ROSS STORES INC. | 96.17 | -0.96 | -0.99% |
Economic data coming out on Thursday will include building permits, housing starts and initial jobless claims.
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Friday 11/18
Earnings before markets open will include Foot Locker, which is considered a close barometer for Nike, as well as JD.com.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FL | FOOT LOCKER INC. | 33.30 | +0.98 | +3.05% |
| NKE | NIKE INC. | 106.11 | +6.63 | +6.66% |
| JD | JD.COM INC. | 48.93 | +2.90 | +6.30% |
Economic data on Friday will include existing home sales and the Conference Board’s index of leading economic indicators.
