Your Trading Week Ahead — November 28th

Welcome to Your Trading Week Ahead for November 28th. We hope you had a great Thanksgiving! It’s time to prepare for another full week of trading as we approach the final month 2021. Here’s what you need to know before you go…

Quick recap

Equity markets saw quite the pullback during Black Friday’s shortened trading session. The S&P 500 gave back all of its November gains after reaching fresh all-time highs just days earlier. Check out the daily chart for SPDR S&P 500 ETF Trust ($SPY) below:

The move was prompted by concerns over a new COVID-19 variant dubbed Omicron. Lockdown and travel restriction jitters were injected into the market once again.

When all was said and done, the S&P 500 finished the week down 2.19% at 4,594. The Dow closed lower by 1.97% at 34,899. Tech stocks were rocked following their recent surge, as the Nasdaq finished down 3.52% at 15,491.

Bitcoin and other major cryptocurrencies are continuing to slip as well. At writing, $BTC is trading near $54,200 — down over 8% on the week. Remember, Bitcoin traded to new all-time highs above $68 less than three weeks ago.

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

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What to watch this week

U.S. labor market data

One of the major focuses for traders in the week ahead will be the Labor Department’s latest jobs report for November. Those numbers, due Friday, will provide an updated look at the strength in hiring and labor force participation in the U.S. economy.

Economists are anticipating about 500k jobs to have returned in November. That would mean hiring is slowing down just a bit from October’s gain of 531k. The unemployment rate is expected to have improved slightly to 4.5% from October’s 4.6%. If consensus estimates ring true, that would mark the lowest unemployment level since March 2020.

Earnings roundup

Earnings season is beginning to wind down as the holiday season takes center stage. But there are several notable names releasing quarterly data this week like Salesforce.com ($CRM), CrowdStrike Holdings ($CRWD), Smith & Wesson Brands ($SWBI), Ulta Beauty ($ULTA), Kirkland’s ($KIRK), Snowflake ($SNOW), and Kroger ($KR).

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:

• Pending home sales (Oct.) – Monday at 10am ET
• S&P Case-Shiller home price index (Y/Y Sept.) – Tuesday at 9am ET
• Chicago PMI (Nov.) – Tuesday at 9:45am ET
• Consumer confidence index (Nov.) – Tuesday at 10am ET
• ADP employment report (Nov.) – Wednesday at 8:15am ET
• Markit manufacturing PMI (Nov. final) – Wednesday at 9:45am ET
• ISM manufacturing index (Nov.) – Wednesday at 10am ET
• Construction spending (Oct.) – Wednesday at 10am ET
• Fed Beige Book – Wednesday at 2pm ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• Nonfarm payrolls (Nov.) – Friday at 8:30am ET
• Unemployment rate (Nov.) – Friday at 8:30am ET
• Average hourly earnings (Nov.) – Friday at 8:30am ET
• Markit services PMI (Nov. final) – Friday at 9:45am ET
• ISM services index (Nov.) – Friday at 10am ET
• Factory orders (Oct.) – Friday at 10am ET
• Core capital goods orders (Oct. revision) – Friday at 10am ET

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