Weekly Overview
The Dow Jones Industrial Average settled at 51285.73, down 0.94% for the week. The Nasdaq Composite closed at 24579.42, down 3.37%, while the S&P 500 finished at 7376.86, down 2.68%.
Inflation is the key economic theme after October payrolls rose by 165,000 and the unemployment rate fell to 4.1%. Tuesday’s CPI report and Friday’s PPI report will help traders gauge whether the Federal Reserve is likely to raise interest rates at its December 8–9 meeting. Fed-funds futures were pricing in roughly an 80% chance of a December rate hike after Friday’s jobs report.
Earnings from CoreWeave, Cisco Systems and Applied Materials will keep the AI trade in focus. CoreWeave remains at the center of concerns about financing the data-center buildout, while Cisco and Applied Materials offer updates from networking and semiconductor-equipment spending.
The other major catalyst is the political risk surrounding future data-center construction. Democratic victories in Congress and several key governors’ races have raised concerns that restrictions, permitting delays and tougher state-level rules could slow the AI buildout.
Key Economic Releases & Notable Earnings
Monday, November 9
Earnings Before the Open
No reports scheduled
Economic Releases
15:00 GMT, Final Wholesale Inventories m/m, forecast 0.6% (prior 0.6%)
Earnings After the Close
No reports scheduled
Tuesday, November 10
Earnings Before the Open
No reports scheduled
Economic Releases
11:00 GMT, NFIB Small Business Index, forecast 97.7 (prior 97.9)
13:15 GMT, ADP Weekly Employment Change, prior 16.8K
13:30 GMT, Core CPI m/m, forecast 0.2% (prior 0.3%)
13:30 GMT, CPI m/m, forecast 0.3% (prior 0.6%)
Earnings After the Close
CoreWeave (CRWV), est. EPS -$1.55
CoreWeave shares have dropped sharply on concerns that its debt load and capital-spending requirements will become harder to manage if interest rates stay elevated. Analysts expect revenue of $3.5 billion, up from $1.4 billion a year earlier, while forecasting a loss of $1.55 per share.
Wednesday, November 11
Earnings Before the Open
No reports scheduled
Economic Releases
No releases scheduled
Earnings After the Close
No reports scheduled
Thursday, November 12
Earnings Before the Open
No reports scheduled
Economic Releases
13:30 GMT, Unemployment Claims, forecast 194K (prior 189K)
15:00 GMT, Existing Home Sales, forecast 3.86M (prior 3.99M)
Earnings After the Close
Cisco Systems (CSCO), est. EPS $1.32
Applied Materials (AMAT), est. EPS $4.06
Wall Street expects Cisco to report earnings of $1.32 per share on revenue of $18.1 billion. Investors will be watching for updates on networking demand, AI-related business, margins and guidance after Morgan Stanley downgraded the stock to Equal Weight from Overweight.
Friday, November 13
Earnings Before the Open
No reports scheduled
Economic Releases
13:30 GMT, Core PPI m/m, forecast 0.3% (prior 0.7%)
13:30 GMT, PPI m/m, forecast 0.4% (prior 1.3%)
Earnings After the Close
No reports scheduled
Central Bank Activity
Monday, November 9
FOMC Member Bowman Speaks, 13:40 GMT
FOMC Member Barkin Speaks, 17:15 GMT
Tuesday, November 10
FOMC Member Waller Speaks, 09:00 GMT
FOMC Member Logan Speaks, 15:50 GMT
FOMC Member Schmid Speaks, 18:30 GMT
FOMC Member Bowman Speaks, 20:30 GMT
FOMC Member Bowman Speaks, 23:30 GMT
Thursday, November 12
FOMC Member Hammack Speaks, 14:00 GMT
FOMC Member Goolsbee Speaks, 16:30 GMT
FOMC Member Daly Speaks, 18:10 GMT
FOMC Member Schmid Speaks, 18:30 GMT
FOMC Member Williams Speaks, 23:30 GMT
Friday, November 13
FOMC Member Collins Speaks, 14:10 GMT
FOMC Member Bowman Speaks, 15:50 GMT
FOMC Member Daly Speaks, 17:00 GMT
FOMC Member Jefferson Speaks, 00:00 GMT
Traders will monitor the speakers for comments on inflation, the stronger labor market and the December policy decision.
Technical Outlook
Weekly Dow Jones Industrial Average Index
Dow Jones: 51285.73 (-0.94%), Support at 50546.54, 52-week SMA 50145.22, 49900.81, 48975.73, 45678.06, 43538.41 and 36611.78; Resistance at 52645.44, 53140.77, 53710.61 and 54744.33.
Weekly Nasdaq Composite Index
Nasdaq: 24579.42 (-3.37%), Support at 24206.50, 23376.67, 21253.39, 19726.62 and 14784.03; Resistance at 52-week SMA 24679.06, 25684.95, 25802.96, 26074.05 and 27722.75.
Weekly S&P 500 Index
S&P 500: 7376.86 (-2.68%), Support at 7313.92, 7237.85, 52-week SMA 7219.52, 7080.72, 6900.00, 6339.78, 5984.66 and 4835.04; Resistance at 7844.52.
The Dow Jones Industrial Average and S&P 500 remain above rising 52-week SMAs, while the Nasdaq Composite is testing the weak side of its 52-week SMA.
Weekly Outlook
CPI, PPI, Fed commentary and the CoreWeave, Cisco and Applied Materials earnings reports are the primary events for the week. The reports will test December rate-hike expectations and reveal whether investors remain willing to support AI-related stocks after the sharp weekly break.
The major indices enter the week under pressure, with the Nasdaq sitting below its 52-week SMA and the S&P 500 approaching support. Traders will watch whether CPI and PPI reinforce the case for a December rate hike, whether AI-linked companies can support their capital-spending outlooks, and whether buyers defend the listed support levels.
More Information in our Economic Calendar.