Your Trading Week Ahead — December 5th

Welcome to Your Trading Week Ahead for December 5th. Here’s what you need to know before you go…

Quick recap

Stock selling accelerated late last week following renewed concerns over Covid-19 and cautious comments from Fed Chair Jerome Powell on inflation.

The S&P 500 ultimately closed down 1.22% at 4,538. The Dow, following a similar trend, finished lower by 0.91% at 34,580. Meanwhile, tech stocks outpaced to the downside once again as the Nasdaq closed down 2.69% at 15,085.

Crypto selloff

As of this writing, much of the crypto market is also experiencing a sharp decline that only picked up speed over the weekend. Bitcoin is currently off the lows, but trading at levels not seen since early October — down about 9% on the week just above $49,000.

The dip is partially blamed on overall weakness in equity markets partially brought on by the Fed’s recent taper talks. Some investors appear to be spooked about shifting monetary policy that could result in a drop for risk assets like $BTC.

Cardano ($ADA), XRP ($XRP), Polkadot ($DOT), Dogecoin ($DOGE), and Avalanche ($AVAX) are all following Bitcoin lower. But other cryptocurrencies like Terra ($LUNA) and Ether ($ETH) are bucking that trend.

Here’s recent performance for some of the most popular crypto assets:

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What to watch this week

Earnings roundup

Earnings season is beginning to wind down as the holiday season takes center stage. But there are several notable names set to report quarterly data this week like AutoZone ($AZO), GameStop ($GME), Toll Brothers, Inc. ($TOL), Vera Bradley ($VRA), Stitch Fix ($SFIX), Costco ($COST), and Oracle ($ORCL).

Check out some of the most noteworthy reports to watch:

Economic calendar

There are plenty of events on the calendar this week with the potential to move markets. Here’s some of the most important things to watch:

• Trade deficit (Oct.) – Tuesday at 8:30am ET
• Productivity revision (SAAR Q3) – Tuesday at 8:30am ET
• Unit labor costs revision (SAAR Q3) – Tuesday at 8:30am ET
• Consumer credit (Oct. update) – Tuesday at 3pm ET
• Job openings and job quits – Wednesday at 10am ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• Wholesale inventories (Oct. revision) – Thursday at 10am ET
• Real household wealth (Q3) – Thursday at 12pm ET
• Real domestic nonfinancial debt (Q3) – Thursday at 12pm ET
• Consumer price index (Nov.) – Friday at 8:30am ET
• Core inflation (Nov.) – Friday at 8:30am ET
• CPI (Nov. Y/Y) – Friday at 8:30am ET
• University of Michigan consumer sentiment index – Friday at 10am ET
• Expected inflation, five-years (Dec.) – Friday at 10am ET
• Federal budget (Nov.) – Friday at 2pm ET

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