Wall Street Week Ahead: Focus on Key Economic Data and OPEC+ Meeting

Wall Street Week Ahead: Focus on Key Economic Data and OPEC+ Meeting

VoM News Desk | November 27, 2023 | 12:22 PM IST | Breaking News | Tags: Economic Indicators, GDP Data, Market Trends, OPEC+ Meeting, Quarterly Earnings, Tags Wall Street, US Stocks | Follow on Google News

Wall Street Week Ahead: Focus on Key Economic Data and OPEC+ Meeting

Wall Street Week Ahead: Focus on Key Economic Data and OPEC+ Meeting

Investors on Wall Street are gearing up for a crucial week, with the focus on important economic data releases. The U.S. Gross Domestic Product (GDP) data for the third quarter, a second estimate, is scheduled for release on November 29. This data is crucial for understanding the impact of the Federal Reserve’s monetary policy.

OPEC+ Meeting and Oil Output Decisions

A significant event in the week is the meeting of the Organization of Petroleum Exporting Countries and its partners (OPEC+) on November 30. This meeting is expected to influence decisions on oil output, which could have global economic implications.

Other Key Economic Data Releases

The week will also see the release of new home sales data for October on November 27 and a consumer confidence report on November 28. Additionally, the Personal Consumption Expenditures (PCE) reports are due on November 30, followed by the ISM manufacturing data for November on December 1.

Earnings Reports from Major Companies

Several companies are set to declare their quarterly results in the upcoming week. These include Zscaler, Seadrill Limited, Intuit, Workday, Splunk, NetApp, Hewlett Packard Enterprise, CrowdStrike, Salesforce, Snowflake, Dollar Tree, Hormel Foods, Five Below, Royal Bank of Canada, Toronto-Dominion Bank, Dell Technologies, Kroger, and Bank of Montreal.

US Stock Market Performance Review

The US stock market closed mixed on Friday. The Dow Jones Industrial Average rose, the S&P 500 saw a slight gain, while the Nasdaq Composite dropped. In the currency market, the US dollar experienced fluctuations against the yen and the euro. The 10-year and 2-year treasury yields saw an increase.

Commodities and Overseas Market Movements

In commodities, the US crude oil and Brent crude saw a price drop, while natural gas, gold, and silver prices varied. Overseas, European shares were mostly higher, whereas Asian markets had a mixed pperformance.

VoM News Desk

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