US Market Open Or Closed On Monday, November 18; Weekly Trade Outlook On Dow Jones, S&P 500, Nasdaq

US Market: There are no stock market holidays for Wall Street in the trading week from November 18 to November 22nd. According to an expert US market, although market sentiment still is bullish for the near term, there are signs of exhaustion and could see a slight correction. In the early trade of Monday, US stock futures have gained. A host of stock-specific action is expected with Nvidia, Walmart, Lowe's, Palo Alto Networks, Target, and Intuit earnings scheduled later in the week.

US Stocks Futures:

The Dow Jones Industrial Average Index Futures traded marginally up to 43,598 in the early trade of Monday, while S&P 500 futures edged higher by 0.26% to 5,911.75. Meanwhile, the Nasdaq-100 Futures outperformed counterparts with gains of nearly 0.6% to 20,619.25 ahead of Nvidia earnings.

According to Trading Economics, Nasdaq 100 futures gained on Monday as investors look ahead to Nvidia's earnings report later this week, with a particular focus on any updates regarding demand for its Blackwell AI chips. Major companies scheduled to report earnings this week also include Walmart, Lowe's, Palo Alto Networks, Target, and Intuit. S&P 500 futures also traded higher, while Dow futures were little changed.

Stock Market Outlook:

Last week, indices corrected from their post-election rally. In the trading week of November 11-15, Dow Jones plunged 1.24%, while S&P 500 dipped 2.08%, and the Nasdaq Composite underperformed with decline of 3.15%.

Trading Economics stated that these declines came after Federal Reserve Chair Jerome Powell signaled that the central bank is in no rush to cut interest rates, citing the economy's strength, a resilient labor market, and ongoing inflationary pressures. In response, markets adjusted their expectations, pricing in fewer rate cuts for next year.

For the week ahead, Nate Peterson is Director of Derivatives Analysis of Charles Schwab said, "From a near-term perspective, while the new all-time highs we set earlier in the week remain bullish, there has been evidence that the recent rally is facing some exhaustion, given the rollover in both the price action and the RSI which has pulled back from a 70 level down to around 51."

Further, Peterson said, next week's economic calendar starts slowly with a focus on housing data, via the NAHB Housing Market Index, Housing Starts, and Building Permits. The more potentially market-moving data is positioned at the back end, as we get Initial and Continuing Jobless Claims, along with S&P Global PMI Reports and U of Mich Consumer Confidence to close out the week.

Additionally, Peterson said, "we also get a slew of Retail and Technology earnings from the likes of Walmart, Lowe's, Target, TJX, PANW, SNOW as well as what is likely the major earnings announcement of the week on Wednesday from Nvidia Corp. This could be a major market mover, as the company's revenue, earnings growth, and forecast could send reverberations throughout the AI tech space!"

Key Economic Data This Week:

November 18, Monday: NAHB Housing Market Index

November 19, Tuesday: Housing Starts, Building Permits

November 20: MBA Mortgage Applications Index

Earnings:

Some of the major earnings to watch out are --- Walmart Inc. (WMT), Medtronic (MDT), Lowe's Companies Inc. (LOW), Weibo Corp. (WB), Target Corp. (TGT), Williams-Sonoma Inc. (WSM), NIO Inc. (NIO), TJX Companies Inc. (TJX), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Snowflake Inc. (SNOW), Deere & Co. (DE), Baidu Inc. (BIDU), Intuit Inc. (INTU), Copart Inc. (CPRT), Ross Stores Inc. (ROST), Gap Inc. (GAP), and Buckle Inc. (BKE).