Today, market participants will be closely monitoring the release of the Federal Reserve’s minutes from the November meeting for any new insights into the future trajectory of interest rates.
“We are not expecting any major new information, but the minutes could be less dovish than the current market pricing. The minutes are likely to indicate that the door is still open for another hike and emphasize that rates need to be kept on hold for longer,” said Mohit Kumar, a managing director at Jefferies International.
Also, investors will likely focus on U.S. Existing Home Sales data. Economists, on average, forecast that October Existing Home Sales will stand at 3.90M, compared to the previous value of 3.96M.
In the bond markets, United States 10-year rates are at 4.412%, down -0.27%.
On the earnings front, notable companies like NVIDIA (NVDA), Lowe’s (LOW), Medtronic (MDT), Analog Devices (ADI), Autodesk (ADSK), HP Inc (HPQ), Best Buy (BBY), and Dick’s Sporting Goods (DKS) are set to report their quarterly figures today.
Pre-Market U.S. Stock Movers
Symbotic (NASDAQ:SYM) surged about +22% in pre-market trading after the company posted upbeat Q4 results and provided above-consensus Q1 revenue guidance.
Agilent Technologies (NYSE:A) climbed over +6% in pre-market trading after the company reported better-than-expected Q4 results.
Avita Medical (NASDAQ:RCEL) plunged more than -10% in pre-market trading after the skin restoration-focused pharmaceutical company lowered its annual commercial revenue guidance.
Keysight Technologies (NYSE:KEYS) rose over +1% in pre-market trading after the company reported stronger-than-expected Q4 results.
Xylem (NYSE:XYL) gained about +1% in pre-market trading after Deutsche Bank upgraded the stock to Buy from Hold.
Gen Digital (NASDAQ:GEN) climbed more than +3% in pre-market trading after Morgan Stanley upgraded the stock to Overweight from Equal Weight.
Today’s U.S. Earnings Spotlight: Tuesday – November 21st
NVIDIA (NVDA), Lowe’s (LOW), Medtronic (MDT), Analog Devices (ADI), Autodesk (ADSK), Baidu (BIDU), HP Inc (HPQ), Jacobs Engineering (J), Best Buy (BBY), Dick’s Sporting Goods (DKS), Burlington Stores (BURL), Miniso (MNSO), Dlocal (DLO), iQIYI (IQ), NewJersey Resources (NJR), Abercrombie&Fitch (ANF), Urban Outfitters (URBN), Kohl’s Corp (KSS), Nordstrom (JWN), Golar (GLNG), GDS Holdings (GDS), Golden Ocean (GOGL), Jack In The Box (JACK), Kingsoft Cloud (KC), Guess (GES), Caleres (CAL), Embecta (EMBC), Hibbett Sports (HIBB), Tsakos Energy (TNP), Yatsen (YSG), GreenTree Hospitality (GHG), Agora (API).
ANALYST RECOMMENDATIONS
Agilent Technologies.: JP Morgan maintains its overweight recommendation and reduces the target price from $150 to $140.
American Tower Corporation: BMO Capital Markets maintains its outperform rating and raises the target price from $220 to $230.
Atmos Energy Corporation: Morgan Stanley maintains its overweight rating and reduces the target price from $115 to $110.
Crown Castle: BMO Capital Markets maintains its underperform recommendation and raises the target price from $85 to $95.
Exelon Corporation: Mizuho Securities downgrades to neutral from buy with a price target reduced from $45 to $40.
Intuitive Surgical: Leerink Partners maintains its outperform recommendation and raises the target price from $342 to $357.
Keysight Technologies: Barclays maintains its equalweight recommendation and reduces the target price from $144 to $134.
Moody’S Corporation: Daiwa Securities maintains a neutral recommendation with a price target raised from $355 to $370.
Newmont Corporation: Macquarie initiates an Outperform recommendation with a target price of $45.
Synopsys: Wells Fargo maintains its overweight rating and raises the target price from $505 to $600.
The Hershey Company: RBC Capital downgrades to sector perform from outperform with a price target reduced from $239 to $213.
Ulta Beauty: Oppenheimer maintains its outperform rating and reduces the target price from $540 to $525.
Zoom Video Communications.: Goldman Sachs maintains a neutral recommendation with a price target reduced from $75 to $70.