It’s a week cut short by the US vacation, with stock and bond markets closed Thursday for Thanksgiving Day and only half a day of trading on Friday. This week’s revenue posts begin with
Monday, then a busy Tuesday:
adds its results Wednesday.
This week’s economic data highlights include the IHS Markits Manufacturing and Services Purchasing Managers Indexes for November Monday. Both are seen sliding slightly from October. On Tuesday, the Conference Board released its consumer confidence index for November, which is also expected to post a decline from a month earlier.
Wednesday will feature several notable publications. The Federal Open Market Committee releases the minutes of its November meeting and the Bureau of Economic Analysis releases its second estimate of third-quarter GDP.
Also on Wednesday, the BEA reports personal income and expenditure for October, both of which are expected to increase, but at a slower pace than in recent months. Finally, the Census Bureau released the October report on durable goods on Wednesday, a decent approximation of business investment, which economists expect to have climbed 1.5% from September.
Agilent Technologies publishes its results for the fourth quarter of fiscal 2020.
IHS Markit outputs its manufacturing and services purchasing managers index for November. The consensus estimates are for a manufacturing PMI of 53 and 56.5 for the services PMI. Both estimates are slightly lower than the October data.
The Federal Reserve The Bank of Chicago releases its National Activity Index for October. Economists are forecasting a reading of 0.23, roughly equal to September’s figure. Since peaking at an all-time high of 5.93 in June, the index has steadily fallen, suggesting the economy will continue to grow, but at a slower pace.
Dell Technologies, Dollar Tree, Gap,
Jacobs Engineering Group,
Medtronic and VMware publish quarterly results.
Federal housing The Financial Agency publishes its house price index for September and the third quarter. In August, house prices rose 8% year-over-year, according to the FHFA. The biggest gains were made in the West in states like Arizona and Idaho.
The Conference Board publishes its consumer confidence index for November. Expectations are for a reading of 98, down from 100.9 in October.
The Economic Analysis Office presents its second estimate of third quarter GDP. Economists predict a seasonally adjusted annual growth rate of 33.1%, a record.
Deere hosts a conference call to discuss the results.
The Federal Free Market The Committee publishes the minutes of its monetary policy meeting in early November.
The Census Bureau announces new single-family home sales for October. Economists predict a seasonally adjusted annual rate of 972,500 homes sold, up from 959,000 in September. New home sales continue to be near their post-financial crisis peak.
The Bureau of Economic The analysis reports personal income and expenses for October. We expect income to gain 0.4% month over month; expenditure increases by 0.8%. This compares to increases of 0.9% and 1.4%, respectively, in September.
The Census Bureau publishes durable goods report for October. The consensus estimate is for a 1.5% month-over-month jump to $ 240.7 billion in new manufactured orders.
American equities and fixed income markets are closed for Thanksgiving Day.
The Nasdaq and the New York Stock Exchange close early at 1 p.m. EST, while the bond market closes at 2 p.m.
Its black friday, the unofficial start of the holiday shopping season.
Write to Nicholas Jasinski at [email protected]