Week Ahead on Wall Street

Economic Activity

Today, watch for the Chicago Fed’s National Activity Index for October. This report is designed to gauge overall economic activity, as well as the impact of inflation. The index held steady in September.

Tomorrow, the Redbook Index will be released, which measures same-store sales growth across roughly 9,000 different retailers, year-over-year. This metric increased by 6.8% in the week ending November 12.

On Wednesday, all investor eyes will be on the release of the Federal Open Market Committee meeting minutes. During its November meeting earlier this month, the Fed raised interest rates for the sixth consecutive time, bringing the federal funds rate to a range of 3.75% to 4%. Also, watch for last month’s new home sales, as well as its durable goods orders.

On Thursday, the stock market will be closed for the Thanksgiving holiday and there are no major economic reports due.

On Friday, the stock market closes early as well, and no major economic data will be published.

Earnings

Today, Urban Outfitters (URBN) will share its most recent data, as the retail sector remains in focus. Also, watch for earnings results from JM Smucker (SJM) and Zoom (ZM).

Tomorrow is the earnings calendar’s busiest day of the week, with reports due from several major retailers, including American Eagle (AEO), Abercrombie & Fitch (ANF), Nordstrom (JWN), Best Buy (BBY), Dick’s Sporting Goods (DKS), and Dollar Tree (DLTR). These results will give investors a better sense of where consumer spending is headed, and what sentiment looks like heading into the holidays.

On Wednesday, heavy equipment manufacturer John Deere (DE) will hold a call with analysts to discuss its earnings. Last week, the company received two CES® Innovation Awards from the Consumer Technology Association for work in robotics and in vehicle intelligence.

With Thursday’s Thanksgiving holiday and Black Friday rounding out the week’s calendar, no major earnings reports are scheduled for release. Black Friday remains an extremely important day for the retail sector, although online shopping has diminished that to an extent.

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