Slatestone Wealth Chief Market Strategist Kenny Polcari Provides Stock Market Outlook as Federal Reserve Slows Rate Hikes and Warns Consumers of Black Friday Retail Discounts on “Varney & Co.”
This week kicks off with Cyber Monday in a year when retail has been hit hard by inflation. Investors will keep an eye on online retail to see if it can help make up the difference.
The dramatic crash of cryptocurrency exchange FTX will also dominate financial news as congressional hearings begin and bankruptcy proceedings continue.
Four key speeches from the Federal Reserve this week will also provide insight into the Fed’s mindset as they consider further rate hikes to rein in stubbornly high inflation.
Sam Bankman-Fried, founder and former CEO of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, U.S., Wednesday, August 17, 2022. Crypto exchange (Photographer: Jeenah Moon/Bloomberg via Getty Images/Getty Images)
monday november 28
HOLIDAY SALES FLAT TO $64.5B, RETAILERS FORCED TO OFFERS
Monday kicks off Cyber Monday, the online equivalent of Black Friday.
Monday is also the last day for public comment on the Labor Department’s proposed rule determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act. Classifying gig workers as employees could have a chilling effect on the labor economy affecting companies like Lyft, Uber and Fiverr.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 11.14 | -0.17 | -1.50% |
| UBER | UBER TECHNOLOGIES INC. | 28.50 | -0.29 | -1.01% |
| RVRF | FIVERR INTERNATIONAL | 35.09 | -0.65 | -1.82% |
Monday also includes the first of four Federal Reserve speeches this week with New York Federal Reserve Chairman John Williams participating in a virtual conversation hosted by the Economic Club of New York at noon EST.
There will be no notable gains on Monday as those who would have prepared them were off work for the Thanksgiving holiday.
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tuesday november 29
On Tuesday, the Bank of England will start selling the $22.5 billion in bonds it used to suppress markets in England during the tenure of former Prime Minister Liz Truss.
The Senate will also hold a hearing on the competitive impact of the proposed Kroger-Albertsons merger.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| KR | THE KROGER COMPANY. | 49.04 | +1.20 | +2.51% |
| AIT | ALBERTSONS COMPANIES | 20.67 | +0.23 | +1.13% |
After the bell, Hewlett-Packard Enterprise, Intuit and Workday will be the first earnings reports of the week. HP Enterprises is its own company while HP Inc. makes laptops and recently announced problems with falling demand for PCs.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| HPE | HEWLETT PACKARD ENTERPRISE CO. | 15.83 | +0.03 | +0.19% |
| INTU | INTUIT INC. | 392.47 | -3.38 | -0.85% |
| WDAY | WORKDAY INC. | 148.98 | -0.36 | -0.24% |
HP SAYS IT WILL CUT WORKFORCE FROM 4,000 TO 6,000 BY THE END OF FY2025
Economic data released on Tuesday will include the Federal Housing Finance Agency (FHFA) monthly house price index, the Case-Shiller house price index and the CB consumer confidence survey, which is expected to be lower. to forecasts.
Wednesday, November 30
Wednesday will see the second of this week’s Fed speeches with Chairman Jerome Powell speaking at the Brookings Institution at 1:30 p.m. EST.
Federal Reserve Chairman Jerome Powell speaks during a press conference at the Federal Reserve Board Building in Washington, Wednesday, July 27, 2022. Jerome Powell will address the Brookings Institution at 1:30 p.m. EST November 30, 2022 (AP Photo/ Mom (AP Photo/Manuel Balce Ceneta/AP Images)
Wednesday’s earnings before market open will include Build-A-Bear Workshop and Petco.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| BBW | BUILD A BEAR WORKSHOP INC | 18.91 | +0.13 | +0.69% |
| FRAME | PETCO HEALTH AND WELLNESS | 9.90 | -0.02 | -0.20% |
After the bell, Box, Five Below, La-Z-Boy, Okta, Salesforce and Victoria’s Secret will notify investors of their earnings.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| BOX | BOX INC. | 28.09 | -0.04 | -0.14% |
| FIVE | FIVE BELOW INC. | 161.63 | +0.36 | +0.22% |
| LZB | LA-Z-BOY INC. | 26.51 | +0.06 | +0.23% |
| OKTA | OKTA INC. | 50.09 | -0.65 | -1.28% |
| RCMP | SALES FORCE INC. | 153.35 | +1.11 | +0.73% |
| VSCO | SECRET OF VICTORIA & CO. | 47.40 | -0.08 | -0.17% |
Wednesday’s economic data will include mortgage applications, national ADP employment, business earnings, preliminary third quarter GDP, Chicago PMI, JOLTS job openings, pending home sales and EIA Weekly Crude Stocks
Thursday, December 1
On Thursday, the Senate will hold a hearing on the FTX collapse with testimony from CFTC Chairman Rostin Behnam. The focus will be on lessons learned from the collapse of the cryptocurrency exchange and how congressional action could reduce future risks.
Tesla will also deliver its highly anticipated tractor-trailer along with the first production version of a Class 8 electric truck to Pepsi to support plants in Modesto and Sacramento, California.
Tesla’s new electric tractor-trailer is unveiled during a presentation in Hawthorne, California, United States, November 16, 2017. (REUTERS/Alexandria Sage/File Photo/Reuters Photos)
The third of four Fed speeches this week will begin at 9:25 a.m. EST, with Dallas Federal Reserve Chair Lorie Logan participating in a question-and-answer session hosted by the Dallas Breakfast Group.
FED OFFICIALS ANTICIPATE SLOWER INTEREST RATE HIKES TO COME ‘SOON’, MINUTES SHOW
Thursday’s gains will kick off in the morning with Big Lots, Designer Brands (the owner of Designer Shoe Warehouse), Dollar General, Duluth Holdings, Kroger and Lands’ End.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| BIG | GRANDS TERRAINS INC. | 19.04 | -0.78 | -3.94% |
| DBI | DESIGNER BRANDS INC. | 15.34 | -0.15 | -0.97% |
| CEO | DOLLAR GENERAL CORP. | 257.23 | +0.90 | +0.35% |
| DLTH | DULUTH HOLDINGS INC. | 8.98 | +0.08 | +0.90% |
| KR | THE KROGER COMPANY. | 49.04 | +1.20 | +2.51% |
| THE | LAND’S END | 11.16 | +0.20 | +1.82% |
After the bell, American Outdoor Brands (which has a portfolio containing outdoor apparel brands as well as Smith & Wesson), ChargePoint Holdings (EV infrastructure) and Ulta Beauty will dominate investor interests.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| AUGUST | AMERICAN OUTDOOR BRANDS INC. | 9.42 | +0.35 | +3.86% |
| CHPT | CHARGING POINTS FUND | 11.99 | +0.02 | +0.17% |
| ULTA | ULTA BEAUTY INC. | 448.35 | +0.98 | +0.22% |
Economic reports of note will include the Challenger report on job cuts, personal income, personal consumption, initial jobless claims, vehicle sales, construction spending and the ISM manufacturing PMI.
Friday, December 2
Friday will see the introduction of a new CEO at Kohl’s, as Tom Kingsbury will act as interim CEO while the board searches for a new one.
The fourth and final of this week’s Fed speeches will be delivered by Chicago Federal Reserve Chairman Charles Evans at the Kaufman Center for Financial and Policy Studies event on “The Role and Effectiveness of Financial Regulation,” at 10:15 a.m. EST.
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Earnings will end this week before market open with Cracker Barrel and Kirkland’s (non-Costco affiliated home decor store)
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| CBRL | CRACKER BARREL OLD COUNTRY INC. STORE | 117.33 | +1.14 | +0.98% |
| CHURCH | KIRKLAND’S INC. | 4.02 | +0.20 | +5.24% |
This week will end with reports on the non-farm payrolls and the unemployment rate.
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