US Market Updates: Wall Street ended last week's trading session on a bearish note with tech-heavy index Nasdaq Composite and S&P 500 underperforming the most. Dow Jones tumbled by over 0.5% during the week. In the trading week from November 4th to 8th, experts' opinion is between volatile to bearish in Dow Jones, S&P 500, and Nasdaq Composite.
US Market Opened On November 4?
During November month, Wall Street will be closed for ten days, however, there is only one special holiday and that is Thanksgiving on November 28. The rest of the 9 days are weekend holidays. That being said, the stock market in the United States is opened on Monday, November 4, 2024
US Market Outlook For November 4-8:
Nate Peterson, Director of Derivatives Analysis of Charles Schwab in his weekly note, highlighted that in the week ahead, aside from Election Day on Tuesday, we've got a Federal Open Market Committee (FOMC) meeting (pushed out one day because of the elections) on Wednesday-Thursday and a solid dose of Q3 earnings reports, so higher volatility is expected. While the Bloomberg probabilities are currently suggesting a 98% chance that the Federal Reserve cuts 25 basis points next Thursday, the forward guidance/tone will likely be the focus for markets. Since the last FOMC meeting (September 17-18th), the economic data has been relatively strong and Fed officials have since communicated that easing in monetary policy may be more gradual as a result.
He added, "My overall forecast for next week is "volatile and bearish." What could challenge my outlook? If Election Results are not drawn out (meaning we have clarity on the winner following Election Day), or the Fed doesn't provide a hawkish tone next Thursday, like I suspect they will, then stocks will likely rally."
Key Economic Data Ahead:
Monday, November 4: Factory Orders
Tuesday, November 5: ISM Services PMI, Trade Balance
Wednesday, November 6: EIA Crude Oil Inventories, MBA Mortgage Applications Index
Thursday, November 7: Consumer Credit, Continuing Claims, EIA Natural Gas Inventories, FOMC Rate Decision, Initial Claims, Productivity-Preliminary, Unit Labor Costs-Preliminary, Wholesale Inventories
Friday, November 8: University of Michigan Consumer Sentiment-Preliminary.
Key Earnings To Watch Out: Marriott International Inc. (MAR), Fidelity National Information Services (FIS), BioNTech SE (BNTX), Yum China Holdings Inc. (YUMC), Vertex Pharmaceuticals Inc. (VRTX), Palantir Technologies Inc. (PLTR), NXP Semiconductors NV (NXPI), Realty Income Corp. (O), Thomson Reuters Corp. (TRI), Marathon Petroleum Corp. (MPC), Cummins Inc. (CMI), Coupang Inc. (CPNG), Microchip Technology Inc. (MCHP), Devon Energy Corp. (DVN), CVS Health Corp. (CVS), Sempra (SRE), American Electric Power Company (AEP), Johnson Controls International PLC (JCI), Iron Mountain Inc. (IRM), Qualcomm Inc. (QCOM), ARM Holdings PLC (ARM), Gilead Sciences Inc. (GILD), McKesson Corp. (MCK), Airbnb Inc. (ABNB), Motorola Solutions Inc. (MSI), EOG Resources Inc. (EOG), Fortinet Inc. (FTNT), Trade Desk Inc. (TTD), Baxter International Inc. (BAX), NRG Energy Inc. (NRG), RB Global Inc. (RBA), and CNH Industries NV (CNH) among others.
US Market In Diwali Week From October 27-November 1st:
Dow Jones: The Dow Jones Industrial Average or DJIA ended at 42,052.19, up by 288.73 points or 0.69% on Friday, November 1, when India celebrated its Laxmi Pujan that day. However, overall, DJIA's weekly performance dipped by 212.35 points or 0.50% from October 27-November 1.
S&P 500: The index also edged higher by 23.35 points or 0.41% on November 1st, however, the weekly performance was down by 105.13 points or 1.80%.
Nasdaq Composite Index: The tech-heavy index surged by 144.77 points or 0.80% to end at 18,239.92 on November 1. But its weekly performance was worse than its counterparts, as Nasdaq fell by a massive 408.33 points or 2.2% last week.
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