In the coming week, the October reading of the U.S. core personal consumption expenditures price index, the Fed’s preferred inflation gauge, will be the main highlight. Also, market participants will be eyeing a spate of economic data, including the U.S. CB Consumer Confidence, S&P/CS HPI Composite – 20 n.s.a., Richmond Manufacturing Index, GDP (preliminary), GDP Price Index (preliminary), Wholesale Inventories (preliminary), Crude Oil Inventories, Initial Jobless Claims, Personal Income, Personal Spending, Pending Home Sales, S&P Global Manufacturing PMI, and ISM Manufacturing PMI.
Meanwhile, Federal Reserve Chairman Jerome Powell will participate in a fireside chat at Spelman College on Friday.
In addition, several other Fed officials will be making appearances this week, including Goolsbee, Waller, Bowman, Mester, and Williams.
In other news, sales revenue from online shopping on Black Friday achieved a record high of $9.8 billion, reflecting a 7.5% increase compared to the previous year, according to a report from Adobe.
Today, all eyes are focused on U.S. New Home Sales data in a couple of hours. Economists, on average, forecast that October New Home Sales will come in at 721K, compared to the previous value of 759K.
Also, investors are likely to focus on the U.S. Building Permits data, which was at 1.471M in September. Economists foresee the October figure to be 1.487M.
In the bond markets, United States 10-year rates are at 4.481%, down -0.04%.
Pre-Market U.S. Stock Movers
Crown Castle International Corp (NYSE:CCI) rose over +4% in pre-market trading following a report from the Wall Street Journal stating that activist investor Elliott Investment Management plans to engage with the company to try to boost its share price after taking a more than $2 billion stake.
YPF Sociedad Anonima (NYSE:YPF) climbed more than +4% in pre-market trading after Goldman Sachs upgraded the stock to Neutral from Sell.
Shopify (NYSE:SHOP) gained over +2% in pre-market trading after the company said that its merchants set a Black Friday record with a combined $4.1 billion in sales, representing a 22% increase over last year.
Roku (NASDAQ:ROKU) rose more than +1% in pre-market trading after Cannonball Research upgraded the stock to Buy from Neutral.
PotlatchDeltic Corp (NASDAQ:PCH) fell over -2% in pre-market trading after Raymond James downgraded the stock to Market Perform from Strong Buy.
Foot Locker (NYSE:FL) slid more than -3% in pre-market trading after Citi downgraded the stock to Sell from Neutral.
Today’s U.S. Earnings Spotlight: Monday – November 27th
Zscaler (ZS), Mueller Water Products (MWA), Up Fintech (TIGR), Cerence (CRNC), Anavex Life Sciences (AVXL), Procaps (PROC), Cango (CANG).
ANALYST RECOMMENDATIONS
Alexandria Real Estate Equities: JP Morgan maintains its overweight rating and reduces the target price from $132 to $118.
Ametek: Cowen downgrades to market perform from outperform with a price target reduced from $165 to $160.
Apple: Baptista Research downgrades to hold from outperform with a price target reduced from $210 to $208.90.
Arista Networks: Haitong International Research Ltd initiates an Outperform recommendation with a target price of $240.
Astrazeneca: Wolfe Research maintains its outperform rating and reduces the target price from $82 to $75.
Canadian National Railway Company: Deutsche Bank downgrades to hold from buy with a target price reduced from $125 to $121.
Canadian Pacific Kansas City Limited: Deutsche Bank downgrades to hold from buy with a price target reduced from $85 to $77.
Corteva: Berenberg downgrades to hold from buy with a price target reduced from $63 to $52.
Factset Research Systems: Morningstar maintains its sell recommendation and raises the target price from $375 to $390.
Fedex Corporation: Deutsche Bank maintains its buy recommendation and raises the target price from $295 to $338.
Micron Technology: Morgan Stanley maintains its underweight recommendation and raises the target price from $58.50 to $71.50.
Norfolk Southern Corporation: Deutsche Bank maintains its buy recommendation and raises the target price from $233 to $258.
Old Dominion Freight Line: Deutsche Bank downgrades to hold from buy with a price target reduced from $475 to $386.
Pinterest: New Street Research LLP initiates a Buy recommendation with a target price of $48.
Shell: Morgan Stanley initiates a market weight recommendation with a target price of $69.50.
Synopsys: KeyBanc Capital Markets maintains its overweight recommendation and raises the target price from $540 to $600.
Uber Technologies: Gordon Haskett maintains its buy recommendation and raises the target price from $55 to $64.
Union Pacific Corporation: Deutsche Bank maintains its buy recommendation and raises the target price from $235 to $242.