Live Markets: Serving Core PCE, retail earnings as turkey appetizers

Nordstrom

22/11/2024 17:56

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        SERVING CORE PCE, RETAIL EARNINGS AS TURKEY APPETIZERS
    Whether they are planning on digging into turkey or Tofurky
at the U.S. Thanksgiving table on Thursday, investors will first
need to clear their plates of October's Core Personal
Consumption Expenditures (PCE) reading, due out on Wednesday and
some retail earnings reports. 
    In the holiday shortened week, when some market participants
take time off, Gene Goldman, Chief Investment Officer at Cetera
Investment Management is watching out for the market reaction to
PCE, the Federal Reserve's preferred inflation measure. 
    "In a lightly traded volume week, the biggest potential
market mover is core PCE, which may exceed the Fed's year-end
target," said Goldman. "If it does, that puts more pressure on
the Fed to not cut rates as much."
    After consumer price index (CPI)and producer price index
(PPI) data, released last week, showed that progress toward
lower inflation was stalling, economists increased their
expectations for Core PCE. 
    Economists currently expect a 2.8% increase year-over-year
up from an expectation for 2.6% in September, according to data
from LSEG. And even if PCE is in line with the raised estimate,
the market may react negatively as investors consider how this
could change the Fed's dot plot, according to Goldman. 
    Other economic data scheduled to be served up ahead of
Thanksgiving include new home sales on Tuesday, and October's
durable goods reading and third quarter GDP data both due out on
Wednesday.
    On the earnings reporting front, retailers are expected to
shed some light on consumers' inclination for spending in the
quarter ahead of the holiday shopping season. 
    Holiday shopping, unofficially, begins the day after
Thanksgiving - known as Black Friday because the hope is that
this is the day retailers books turn from red to black.   
    Retail earnings reports scheduled for next week include Bath
& Body Works  BBWI.N , Nordstrom  JWN.N , Macy's  M.N , Kohls
Corp  KSS.N , Best Buy  BBY.N  and Burlington Stroes  BURL.N .
    
    (Sinéad Carew)
     ***** 
     
       
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