Market Preview: Markets Continue to Tumble

Investors had little to be thankful for this holiday week as markets continued to tumble. Trade tensions, falling oil prices, and a massive drop in cryptocurrencies resulted in markets falling across the board. The DJIA fell .73%, the S&P 500 dropped .66%, and the Nasdaq fell .48%. A Santa Claus rally was nowhere in sight, and investors are running out of time as end of year approaches.

Stoneco Ltd. (STNE) reports earnings for the first time on Monday. The company’s IPO was a big success when the payments processor came public in early October. Rocketing to $32 from an initial pricing of $24, the Brazilian company looked on its way. But the continued battering of the market has now dropped the share prices back below its offering price. Also reporting Monday is Enanta Pharmaceuticals (ENTA). The pharma company has not participated in the bull market in healthcare stocks this year. Analysts will be looking for an update on the company’s EPD-938 drug aimed at the RSV (respiratory syncytial virus). The new drug is meant to be effective in the under 2 year old age group where there are few options available now.

After a long weekend for many traders, economic numbers on Monday include the Chicago Fed National Activity Index and the Dallas Fed manufacturing numbers. The Chicago number will be closely watched as it measures activity at a national level and has been trending down recently. Tuesday, analysts will again dive into housing numbers when the S&P Corelogic Case-Shiller Housing Price Index is released. The FHFA home price index also comes out Tuesday morning. Analysts will be looking for any weakness in the numbers as a further deterioration in the housing market. Consumer confidence and Redbook retail numbers are released Tuesday as well. Wednesday the focus will be on GDP numbers. Also released will be mortgage applications, corporate profits, new home sales, and the State Street investor confidence numbers. Thursday investors will dissect jobless claims, pending home sales, and personal income. The final week of November will close out with Chicago PMI numbers and the Baker Hughes rig count. Analysts will be looking for the impact of falling oil prices on the rig count headed into the winter season.

Tuesday, Salesforce (CRM) will take to the earnings stage. The customer relationship management focused tech company has been hit hard in the recent market selloff. Also reporting Tuesday are Eaton Vance (EV) and Cracker Barrel (CBRL). Retail will be in focus Wednesday as Burlington Stores (BURL), Dick’s Sporting Goods (DKS), and Guess? (GES) all report earnings. Thursday we can expect earnings from HP (HPQ), Workday (WDAY, and Dell Technologies (DVMT). BRP (DOOO), Citi Trends (CTRN) and Destination XL Group (DXLG) close out the earnings week on Friday.

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