Monday's Market Minute: What to Watch This Holiday Week

First, a couple of the existing trends worth taking note of: the tech-heavy NASDAQ posted a new all-time high last week and interest rates remain range-bound and supportive of the bid activity and risk-on environment we’ve seen throughout the year. The U.S. dollar has been strong, with weakness in other foreign currencies such as the Euro and Japanese yen. Lastly, economic data and earnings here in the U.S. have been strong, helping investors focus on the positive and discount the negative.

This week, in terms of economic data, keep an eye on Existing Home Sales on Monday. With the Thanksgiving holiday on Thursday, most of the market-moving data is out Wednesday, like Durable Goods, GDP, Jobless Claims, New Home Sales, and Personal Income and Outlays. We also have the Fed minutes due out; they always provide further insight and information in terms of where policymakers stand on the taper, inflation, and any potential shift in policy. Now that we know Fed chair Jerome Powell will receive the nomination from President Biden, focus will shift back to the inner workings again.

In terms of companies reporting quarterly results, we have a bunch of closely-watched tech names and retailers front and center once again this week. Keep an eye on companies like Best Buy, Urban Outfitters, Dick’s, Gap, and Nordstrom to name a few.

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