Market Overview
The Dow Jones Industrial Average closed at 52,347.55, up 2.07% for the week. The Nasdaq Composite finished at 25,136.27, up 2.27%, while the S&P 500 settled at 7,561.67, up 2.51%.
The AI trade faces two major tests this week. Nvidia reports earnings Tuesday after the close, less than a week after CEO Jensen Huang stepped down. On Thursday, Anthropic is expected to begin trading. Both events will give investors a chance to reassess the AI trade after weeks of concern about the cost of building data centers and the returns from that spending.
Retail sales and earnings from Home Depot, Walmart, Target and Lowe’s will put the consumer in focus. Investors will be watching for signs that higher energy prices and borrowing costs are affecting spending.
Federal Reserve policy remains a concern after October inflation data increased expectations for a December rate hike. Fed Chair Kevin Warsh speaks Monday, and the minutes from the October meeting will be released Wednesday.
Key Economic Releases & Notable Earnings
Monday, November 16
Earnings Before the Open
Aramark (ARMK), est. EPS $0.75
Baidu (BIDU), est. EPS $6.11
Tyson Foods (TSN), est. EPS $0.59
Economic Releases
13:30 GMT, Empire State Manufacturing Index, forecast 17.6 (prior 25.5)
Tentative, Cleveland Fed Inflation Expectations, prior 3.3%
Earnings After the Close
Aecom Tech (ACM), est. EPS $1.59
Powell Industries (POWL), est. EPS $1.57
Red Cat Holdings (RCAT), est. EPS -$0.20
SharonAI Holdings (SHAZ), est. EPS -$1.47
Tuesday, November 17
Earnings Before the Open
Amer Sports (AS), est. EPS $0.35
Energizer (ENR), est. EPS $1.30
Home Depot (HD), est. EPS $3.84
JD.com (JD), est. EPS $5.93
Klarna Group (KLAR), est. EPS -$0.15
Spire (SR), est. EPS -$1.03
Tencent Music (TME), est. EPS $1.42
Viking Holdings (VIK), est. EPS $1.27
Walt Disney (DIS), est. EPS $1.69
Home Depot is expected to report earnings of $3.84 per share on revenue of $42.8 billion. Traders will be watching for signs that elevated borrowing costs are affecting demand for larger home improvement projects.
Economic Releases
13:15 GMT, ADP Weekly Employment Change, prior 19.8K
13:30 GMT, Core Retail Sales m/m, forecast 0.4% (prior 0.9%)
13:30 GMT, Retail Sales m/m, forecast 0.2% (prior 0.8%)
13:30 GMT, Import Prices m/m, forecast 0.7% (prior 1.1%)
14:15 GMT, Capacity Utilization Rate, forecast 76.8% (prior 76.9%)
14:15 GMT, Industrial Production m/m, forecast 0.1% (prior 0.7%)
15:00 GMT, Business Inventories m/m, forecast 0.5% (prior 0.4%)
15:00 GMT, NAHB Housing Market Index, forecast 29 (prior 29)
21:30 GMT, API Weekly Statistical Bulletin
Earnings After the Close
Dolby Labs (DLB), est. EPS $1.19
Golub Capital (GBDC), est. EPS $0.33
La-Z-Boy (LZB), est. EPS $0.80
Nvidia (NVDA), est. EPS $2.47
ZTO Express (ZTO), est. EPS $3.13
Nvidia is expected to report earnings of $2.47 per share on revenue of $108.8 billion. The results and earnings call will be the first since Jensen Huang stepped down as CEO. Investors will be looking for signs that demand remains strong and that the company can execute under interim CEO Colette Kress.
Wednesday, November 18
Earnings Before the Open
Apnimed (APMD), est. EPS -$0.64
BellRing Brands (BRBR), est. EPS $0.23
Bullish (BLSH), est. EPS $0.08
Global-E Online (GLBE), est. EPS $0.23
J&J Snack Foods (JJSF), est. EPS $1.23
Kornit Digital (KRNT), est. EPS $0.05
Lowe’s (LOW), est. EPS $2.89
Moog (MOG.A), est. EPS $2.68
Target (TGT), est. EPS $2.07
TJX (TJX), est. EPS $1.34
Economic Releases
13:30 GMT, Building Permits, forecast 1.38M (prior 1.40M)
13:30 GMT, Housing Starts, forecast 1.25M (prior 1.22M)
15:00 GMT, Pending Home Sales m/m, forecast -2.3% (prior -7.3%)
15:30 GMT, Crude Oil Inventories, prior 4.7M
19:00 GMT, FOMC Meeting Minutes
21:00 GMT, TIC Long-Term Purchases, forecast $160.7B (prior $279.2B)
Earnings After the Close
Copa Holdings (CPA), est. EPS $3.83
Everpure (P), est. EPS $0.77
Kulicke & Soffa (KLIC), est. EPS $1.43
NJ Resources (NJR), est. EPS $0.11
Palo Alto Networks (PANW), est. EPS $0.97
Woodward (WWD), est. EPS $2.54
Thursday, November 19
Earnings Before the Open
Bath & Body Works (BBWI), est. EPS $0.12
Construction Partners (ROAD), est. EPS $1.11
MAXIMUS (MMS), est. EPS $1.85
Valvoline (VVV), est. EPS $0.42
Walmart (WMT), est. EPS $0.63
Warner Music Group (WMG), est. EPS $0.36
Walmart is expected to report earnings of $0.63 per share on revenue of $187.2 billion. Its results and guidance will give investors another look at how consumers are responding to higher prices.
Economic Releases
13:30 GMT, Philly Fed Manufacturing Index, forecast 19.2 (prior 20.9)
13:30 GMT, Unemployment Claims, forecast 199K (prior 200K)
15:00 GMT, CB Leading Index m/m, forecast 0.0% (prior 0.0%)
15:30 GMT, Natural Gas Storage
Tentative, Mortgage Delinquencies, prior 4.37%
Earnings After the Close
Elastic (ESTC), est. EPS $0.81
Esco Tech (ESE), est. EPS $2.60
Gap (GAP), est. EPS $0.78
Globant (GLOB), est. EPS $1.48
Helmerich & Payne (HP), est. EPS $0.30
Intuit (INTU), est. EPS $2.46
Keysight (KEYS), est. EPS $3.37
Post (POST), est. EPS $1.78
Ross Stores (ROST), est. EPS $1.86
Webull (BULL), est. EPS $0.07
Anthropic is expected to begin trading Thursday. The IPO will be another test of investor demand for AI-related companies after recent concerns over spending and returns.
Friday, November 20
Earnings Before the Open
Bending Spoons (BSP), est. EPS $0.32
BJ’s Wholesale (BJ), est. EPS $1.25
Buckle (BKE), est. EPS $0.87
Economic Releases
15:00 GMT, Revised UoM Consumer Sentiment, forecast 52.1 (prior 51.0)
15:00 GMT, Revised UoM Inflation Expectations, prior 4.3%
Dow Jones Price Forecast
Every new Dow Jones analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Dow Jones forecastsCentral Bank Activity
Monday, November 16
FOMC Member Barr Speaks, 10:00 GMT
FOMC Member Williams Speaks, 14:05 GMT
Fed Chair Warsh Speaks, 17:00 GMT
Tuesday, November 17
FOMC Member Musalem Speaks, 12:30 GMT
FOMC Member Waller Speaks, 14:10 GMT
FOMC Member Hammack Speaks, 14:30 GMT
FOMC Member Williams Speaks, 19:25 GMT
Wednesday, November 18
FOMC Member Barr Speaks, 18:35 GMT
FOMC Meeting Minutes, 19:00 GMT
FOMC Member Williams Speaks, 19:30 GMT
FOMC Member Kashkari Speaks, 21:15 GMT
Thursday, November 19
FOMC Member Hammack Speaks, 13:50 GMT
FOMC Member Goolsbee Speaks, 17:30 GMT
FOMC Member Barr Speaks, 19:15 GMT
FOMC Member Barkin Speaks, 21:00 GMT
FOMC Member Paulson Speaks, 23:30 GMT
Friday, November 20
FOMC Member Waller Speaks, 13:25 GMT
FOMC Member Cook Speaks, 17:15 GMT
Traders will monitor the speakers and the meeting minutes for comments on inflation and the December rate decision.
Technical Outlook
Weekly Dow Jones Industrial Average Index
Dow Jones: 52,347.55 (+2.07%), support at 50,546.54, the 52-week SMA at 50,245.22, 49,900.81, 48,757.73, 45,678.06, and 45,057.28; resistance at 52,645.44, 53,140.77, 53,710.61 and 54,744.33.
Weekly Nasdaq Composite Index
Nasdaq: 25,136.27 (+2.27%), support at the 52-week SMA at 24,722.05, 24,206.50, 23,376.67, 21,253.39, 20,690.25, 19,726.62 and 14,784.03; resistance at last week’s high of 25,649.85 and the main top at 27,722.75.
Weekly S&P 500 Index
S&P 500: 7,561.67 (+2.51%), support at 7,313.92, 7,237.85, the 52-week SMA at 7,235.44, 7,080.72, 6,900.00, 6,339.78, 6,316.91, 5,984.66 and 4,835.04; resistance at last week’s high of 7,652.76 and the main top at 7,844.52.
All three indexes closed above their rising 52-week moving averages. The Nasdaq remains closest to its moving average after testing it during the recent decline.
Weekly Outlook
Nvidia’s results and Anthropic’s debut will test whether investors are ready to return to the AI trade. Retail sales and earnings from Home Depot, Target, Lowe’s and Walmart will also be important as traders assess consumer spending. Fed Chair Warsh’s comments and the October meeting minutes will give investors more information to weigh against expectations for a December rate hike.
The major indexes recovered last week, but buyers will need to sustain the move to keep the rebound going. My focus will be on whether the Nasdaq holds its 52-week moving average and whether the Dow can overcome resistance at 52,645.44 to 53,140.77. Weak reactions to Nvidia or Anthropic could put the AI trade back under pressure and bring the recent lows into focus.
More Information in our Economic Calendar.