Investors are awaiting key employment data for November that's due Friday, which Federal Reserve officials are expected to watch to see if the labor market retains its strength after showing signs of slowing. Ahead of that, reports on job openings and private-sector employment will also affect market sentiment on the state of the labor market.
New York Fed President John Williams and St. Louis Fed President Alberto Musalem will deliver remarks this week, the last before the Fed’s blackout period ahead of its Dec. 17-18 meeting. The closely watched Purchasing Managers’ Index (PMI) surveys from the Institute of Supply Management (ISM) will give investors insight into the current state of the manufacturing and services sector.
Earnings reports this week will come from software provider Salesforce (CRM) and chipmaker Marvell Technology (MRVL), as well as Royal Bank of Canada (RBC) (RY), TD Bank (TD), and Bank of Montreal (BMO).
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The November employment report due Friday will give economists a better look into the economy after the previous month's data showed a greater-than-expected slowing in hiring—although those numbers were likely skewed by storm disruptions and a labor strike.
Still, economists expected a lot more than the 12,000 jobs added in October, a shortfall those disruptions don't sufficiently explain. That shows why Friday's jobs numbers will be in focus. Federal Reserve officials could be under pressure to lower interest rates at a faster pace if the November data shows persistent slowing.
In the run-up to the jobs report Friday, economists will get data on job openings, private-sector employment, and initial jobless claims, which could offer more details on the health of the U.S. labor market.
Market watchers also will be tuned in to remarks this week from New York Fed President John Williams and St. Louis Fed President Alberto Musalem, which may offer insights on how Fed officials are looking at current economic conditions. Those comments mark the last opportunity for Fed officials to speak before Saturday, the start of the blackout period prohibiting comments on monetary policy before the Federal Reserve’s Dec. 17-18 meeting.
Additionally, industry survey data from ISM and S&P Global are due at a time when manufacturing PMI has shown that sector to be struggling, while services PMI reflects continued economic growth in that sector. Factory orders, construction spending, and consumer credit data are also on tap this week.
Salesforce’s earnings report on Tuesday comes as analysts have expressed bullish sentiments on the customer relationship management (CRM) service provider over its artificial intelligence (AI) offerings. Salesforce’s earnings follow a move by the software giant to expand its reach into data security by purchasing startup firm Own.
Marvell Technology, which manufactures networking chips used in data centers, will also look to show continued growth from AI demand with its Tuesday report. Other tech firms due to report this week include Synopsys, the maker of microchip design software that has capitalized on AI demand. Cloud security provider Zscaler will also report earnings on Monday.
The earnings report for TD Bank follows its recent guilty plea in a U.S. case in which it agreed to pay more than $3 billion in penalties to resolve charges that it failed to curb money laundering by drug cartels.
Royal Bank of Canada (RBC) will deliver its quarterly financials as it looks to continue profit growth in its personal banking and wealth management divisions. Other Canadian financial institutions slated to report this week include Bank of Montreal and Scotiabank.
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