Closing Bell: Stocks Start the Week Lower as Home Depot Prepares to Report

Key Points

• Markets moved lower today, with the S&P 500 (SPX) down 0.92%, Nasdaq-100 down 0.83%, and Russell 2000 (RUT) down 1.96%
• Berkshire Hathaway (BRK/B) revealed a $4.9 billion stake in Alphabet (GOOGL), likely marking one of Warren Buffett’s final major investments before stepping down as CEO
• Home Depot’s (HD) upcoming Q3 earnings report is expected to provide insights into consumer health and commercial construction, with analysts projecting $41.12B in revenue and $3.84 EPS

Markets moved lower today, with the S&P 500 (SPX) down 0.92%, Nasdaq-100 down 0.83%, and Russell 2000 (RUT) down 1.96%. Communication Services and Utilities were the top gaining sectors for the session, while Financials, Energy, and Materials were the three biggest laggards.

Berkshire Hathaway Buys Shares of Alphabet

On Friday, November 14th, after market close, Berkshire Hathaway disclosed a new $4.9 billion stake in Alphabet, causing the shares to move higher in today’s session, closing up 3.11%. This could potentially be one of Warren Buffett’s final large-scale capital investments before stepping down as CEO at the end of this year.

Home Depot Reports Earnings Tuesday Morning

Home Depot (HD is expected to report third-quarter earnings premarket on Tuesday, and the market is anticipating key insights into the health of the consumer as well as the commercial construction industry. Analyst expectations currently estimate revenue of $41.12 billion and adjusted earnings per share of $3.84. The company has warned in past earnings announcements that demand for large durable goods, which tend to provide higher profit margins, continues to show near-term weakness.

Key Market Events for Tomorrow

• 10:00 AM ET: Factory Orders
• 10:00 AM ET: NAHB Housing Market Index
• 10:30 AM ET: FOMC Member Barr Speaks
• 11:00 AM ET: FOMC Member Barkin Speaks
• 4:30 PM ET: API Weekly Statistical Bulletin
• 7:55 PM ET: FOMC Member Logan Speaks

 Notable Earnings for Tomorrow

• Premarket: BIDU, HD, KLAR, PDD
• Postmarket: SQM, LZB, QFIN

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