This trading week is—Thankfully—shorter than usual. But there’s still work to do. Stock and bond markets are closed Thursday for the Thanksgiving holiday. But the week will still bring several economic releases, along with earnings reports from companies including John Deere, Alibaba, Applied Digital and Dell Technologies.
The September report on U.S. retail sales, delayed by the government shutdown, will be released just ahead of Black Friday, one of the busiest shopping days of the year. Weekly jobless claims, pending home sales, durable-goods orders and the latest consumer confidence survey are also on time. Some data originally scheduled for this week will be delayed as government statistical agencies update their timetables to catch up on reports that were delayed during government shutdown. In addition to the day off Thursday, stock markets will close at 1 p.m. ET on Friday, while bond markets close at 2 p.m. ET.
John Deere, Dell, Alibaba Highlight Shortened Earnings Week
Investors on Monday will get an update from laboratory equipment maker Agilent, video call firm Zoom, and Symbotic, a partner of Walmart that makes AI-powered warehouse automation products. Tuesday is also busy: Chinese e-commerce giant Alibaba, chipmaker Applied Digital, design software maker Autodesk, data storage provider NetApp, and cybersecurity firm Zscaler are scheduled to report earnings. Workday is expected to report quarterly earnings for the first time since activist investment group Elliott Investment Management reported taking a stake in the company. Dell Technologies and HP are slated to report on Tuesday after the computer and equipment makers were downgraded by analysts who see the companies struggling with higher costs for components. John Deere’s report on Wednesday is likely to provide some insight into the overall health of the construction and agriculture industries.
Retail Sales to Roll In Ahead of Black Friday
Delayed retail-sales results for September, due Tuesday, will show whether shoppers kept up their momentum going into the shutdown as consumers focus their attention on Black Friday and the holiday season. Market watchers will also get a look at inflation with the release of the wholesale-focused Producer Price Index for September. Reports from private-sector groups will provide updates on pending home sales and consumer confidence in November. Weekly jobless claims are also expected to be issued Wednesday and are likely of interest after last week’s employment report showed hiring surged. Several reports on the calendar this week will be rescheduled, including the first reading of third-quarter gross domestic product, the October PCE Price Index, and the advanced reports on October trade balance, retail inventories, and wholesale inventories. The delayed data could make matters more difficult for Federal Reserve officials, who are scheduled to issue their next interest rate decision on Dec. 10.
What analysts are saying about U.S. stocks
Morgan Stanley: “In line with our comments from late Sept., tensions around the Fed & liquidity have weighed on stocks. While these risks could persist in the short-term, we maintain conviction in our bullish 12M view. We like Discretionary Goods, Healthcare, Financials, Industrials and Small Caps into ’26.”
BTIG: “Until SPX can reclaim Thursday’s reversal high (6770), we shouldn’t assume a final low has been made. Further, the 20 DMA (6763) and 50 DMA (6711) are likely to provide resistance on an initial reflex rally. In other words we expect some relief heading into month-end, but are reluctant to assume new highs are right around the corner. Should SPX lose 6500 at this point, we would be looking for a move towards 6200.”
Citi: “Whether it’s navigating the AI theme or broader macro influences, our sense is that investor sentiment is best described as “exhausted” as we approach the holiday season. Post the recent drawdown, the S&P 500 is near our 6600 year-end base case, which we characterize as fair value. While earnings growth into 2026 looks strong, shifting expectations for terminal valuations are unfolding. The market is weighing the productivity promise of AI against its implications for labor and business models. The Magnificent 7 is becoming more idiosyncratic, a theme which we think persists into 2026.”
JPMorgan: “With resilient global growth and sticky inflation, we continue to hold a medium-term constructive outlook on risk assets supported by the relentless expansion of AI. Crowding in High Beta stocks and valuations remain short-term concerns warranting investors holding downside protection, as the fragility of the labour market could materialize in the data before year end. Less support from Fed easing in 2026 should also result in a concentration of leadership in AI-heavy Quality Growth.”