Wall Street week ahead: Investors eye Q3 GDP, PCE inflation, Federal Reserve minutes

Market participants on Wall Street in the holiday-shortened week ahead will have a lot of significant economic data to watch for.

Among the economic reports, the week will see third quarter gross domestic product (GDP) numbers, the personal income and Personal Consumption Expenditures price index data, the Fed’s preferred inflation gauge, for October.

Investors will also closely watch the Federal Reserve’s minutes of November monetary policy committee meeting to be unveiled later in the week.

Economic calendar

On November 26 (Tuesday), minutes of Federal Reserve’s FOMC (Federal Open Market Committee) meeting held in November will be released.

Separate reports on S&P Case-Shiller home price index (20 cities) for September, consumer confidence for November, and new home sales for October will also be released on the same day.

On November 27 (Wednesday), separate reports on durable-goods orders for October, gross domestic product(first revision) third quarter (Q3), Chicago Business Barometer (PMI) for November, and personal income (nominal) for October, personal spending (nominal) for October, Personal Consumption Expenditure (PCE) index for October, and pending home sales for October will be released.

Earnings

Following companies are due to report third quarter earnings in the week ahead — Agilent Technologies, Zoom Video Communications, Woodward, Bath & Body Works, Semtech, Analog Devices, Dell Technologies, CrowdStrike Holdings, Guess?, Manchester United, Workday, Autodesk, Patterson Companies, Zuora, Frontline, and MINISO Group Holding.

Markets last week

US stock indices closed higher on Friday.

The Dow Jones Industrial Average rose 426.16 points, or 0.97 per cent, to 44,296.51, the S&P 500 gained 20.63 points, or 0.35 per cent, to 5,969.34 and the Nasdaq Composite gained 31.23 points, or 0.16 per cent, to 19,003.65.

For the week, the S&P 500 gained 1.68 per cent, the Nasdaq rose 1.73 per cent, and the Dow climbed 1.96 per cent.

In the bond market, the yield on the 10-year Treasury fell to 4.41 per cent from 4.42 per cent.

In the crypto market, bitcoin hovered around $99,000.