The US stock market will be closed on Thursday, November 23 and will have a shortened day on November 24. The S&P 500 index saw a 2.24% increase last week, attributed to a lower October inflation reading. The economic calendar for the week includes Durable Goods Orders, FOMC Minutes, and November PMIs. Traders are primarily focused on Nvidia earnings this week, along with reports from Lowe’s, Deere, Zoom Video Communications, and Baidu. The S&P 500 index rose on Monday as Wall Street traders prepare for the Thanksgiving holiday. The index has risen for three weeks in a row, suggesting continued momentum ahead of December. The stock market traditionally sees gains in December, and the S&P 500 added 2.24% last week following lower inflation reported in October. Nvidia is expected to report a 484% increase in adjusted EPS and a 172% increase in revenue from the year ago quarter. Traders will also be watching how Biden administration’s trade sanctions will impact next year’s growth story, as well as a more detailed roadmap for Nvidia’s new Hopper 200 GPU. Investors will also be focused on earnings reports from Zoom Video Communications, Baidu, Lowe’s, and Deere this week. The Federal Open Market Committee meeting minutes and Durable Goods Orders for October will also be released this week, along with S&P Global’s preliminary Manufacturing and Services PMIs for November.
