Best Buy, Target, Deere, Housing, Black Friday: The Week Ahead

It’s a Thanksgiving holiday-shortened week, with U.S. markets closed all day Thursday and shutting early at 1 p.m. on Friday. Several retailers release results on Tuesday, including Best Buy, Lowe’s, TJX, and Target. Other companies reporting earnings this week include L Brands on Monday, Gap on Tuesday, and Deere on Wednesday.

Several housing market datapoints will be released this week. Out on Monday, the National Association of Home Builders/ Wells Fargo November Housing Market Index is expected to show a slight decline from October, but still indicate a favorable outlook from homebuilders. Wednesday’s existing-home sales will show the impact of decade-high interest rates, expected to register the weakest home sales market in three years. Black Friday is the retail industry’s Super Bowl – a strong consumer is expected to propel this year’s holiday shopping spending up to 4.8% higher than last year.

–Nicholas Jasinski

Here’s what else we’re watching this week:

Agilent Technologies,,Intuit, and L Brands release quarterly results.

The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for November. Consensus estimates are for a 68 reading, even with October. Any reading above 50 indicates that more builders view conditions as good rather than poor.

Analog Devices, Autodesk, Best Buy ,Campbell Soup,Foot Locker, Gap ,Hormel Foods,Jacobs Engineering Group,Kohl’s, Lowe’s ,Medtronic,Ross Stores, Target , and TJX report earnings.

The Census Bureau releases new residential construction data for October. Housing starts are expected to climb to a 1.23 million seasonally adjusted annual rate from September’s 1.2 million. Building permits, on the other hand, are expected to decline to 1.26 million from September’s 1.27 million.

Deere reports its fourth-quarter results before the market open.

The National Association of Realtors releases existing-home sales data for October. Expectations are for a seasonally adjusted annual rate of 5.15 million, in line with September. The September reading was the lowest level for existing-home sales since November 2015, with decade-high mortgage rates being a headwind.

The Conference Board reports its Leading Economic Index for October. Economists forecast a 0.1% rise after September’s 0.5% gain. The index reading suggests that the U.S. business cycle remains on a growth trajectory.

The European Commissionis expected to gives its assessment of Italy’s revised 2019 budget. Last month, the commission rejected Italy’s proposed budget for increasing the deficit as a percentage of gross domestic product, among other problems. Italy’s new budget has the same issue and sets up a standoff with the European Union.

The Census Bureau releases its Durable Goods report for October. New orders are expected to decline 2.5% after jumping 0.7% in September.

The Department of Labor releases initial jobless claims for the week ending on Nov. 17. Expectations are for 215,000, in line with the average of the past two months.

Total hosts a two-day individual shareholders meeting in Paris. U.S. markets closed for Thanksgiving.

Black Friday kicks off the holiday shopping season. The National Retail Federation is forecasting that 116 million Americans will shop on Friday, making it the busiest, if not biggest, shopping day of the year.

U.S. markets close early. Stock markets close at 1 p.m. while bond markets close at 2 p.m.

IHS Markit releases its Manufacturing Purchasing Managers’ Index for November. Economists expect a 55.7 reading, even with October, which was a five-month high.

The Tokyo stock exchange is closed for Labor Thanksgiving Day.

Thursday 22 U.S. markets are closed for Thanksgiving. Americans are expected to consume 46 million turkeys on this holiday, according to the National Turkey Federation.

By Robert Teitelman and Dan Lam

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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