Your Trading Week Ahead — November 21st

Welcome to Your Trading Week Ahead for November 21st. It’s a holiday-shortened trading week with Thanksgiving Day on Thursday. We hope you enjoy a hearty meal with friends and family! As for markets, here’s what you need to know before you go…

Quick recap

Equity markets finished mixed across the board last week — with mega cap tech stocks like $AAPL and $NVDA outperforming. The S&P 500 closed up a modest 0.32% at 4,697. The Nasdaq surged higher by 1.24% to 16,057. The Dow lagged, closing lower by 1.38% at 35,601.

Bitcoin and other major cryptocurrencies are finally slumping a bit here after running to fresh all-time highs earlier in the month. At writing, $BTC is down 7.69% on the week near $59,560. The leading crypto traded as low as $55k on Friday.

Many other cryptocurrencies are following Bitcoin to the downside. However, Avalanche ($AVAX) +40% and sudden star Crypto.com Coin ($CRO) +81% are bucking that trend — currently trading near all-time highs.

Take a look at some of the most popular tokens below.

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What to watch this week

Inflation Data

Before Thanksgiving and Black Friday festivities begin, we’ll get a ton of key economic data on Wednesday. One of the biggest being October’s Personal Consumption Expenditure (PCE) print. The data will shed more light on inflation with what’s expected to be another elevated reading.

Concerns remain as to whether inflation and rising prices will ultimately lead to a dampened economic recovery. Wednesday’s numbers should paint a clearer picture.

Earnings roundup

Earnings season is beginning to wind down as the holiday season takes center stage. But there are still several names reporting data this week like Zoom Video ($ZM), Urban Outfitters ($URBN), Best Buy ($BBY), Dollar Tree ($DLTR), American Eagle ($AEO), Gap ($GPS), Autodesk ($ADSK), Dell ($DELL), and Deere ($DE).

Check out some of the most noteworthy reports to watch:

Economic calendar

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

• Chicago Fed national activity index (October) – Monday at 8:30am ET
• Existing home sales (October) – Monday at 10am ET
• Markit manufacturing and services PMI (November) – Tuesday at 9:45am ET
• Initial and continuing jobless claims – Wednesday at 8:30am ET
• GDP revision (SAAR) Q3 – Wednesday at 8:30am ET
• Gross domestic income (SAAR) Q3 – Wednesday at 8:30am ET
• Durable goods orders (October) – Wednesday at 8:30am ET
• Core capital goods orders (October) – Wednesday at 8:30am ET
• Trade in goods deficit (advance October) – Wednesday at 8:30am ET
• Personal income, Real disposable income, and Consumer spending – Wednesday at 10am ET
• Core inflation (October) – Wednesday at 10am ET
• University of Michigan consumer sentiment index (November) – Wednesday at 10am ET
• 5-year inflation expectations (November) – Wednesday at 10am ET
• FOMC minutes – Wednesday at 2pm ET
• Thanksgiving Day (Thursday): U.S. stock and bond markets closed

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