Market Minute: Setting Up for Next Week
Instead of a Santa Claus rally, the jolly man brought coal – Dow futures are down more than 100 points this morning. Still, there are a few days left for a turnaround. In the meantime, let’s take a quick look ahead at next week. With New Year’s falling on a Wednesday, don’t be caught by surprise as markets hit the ground running on the 2nd.
No earnings of note drop in the next week, so let us turn our attention to economic data. Monday, the Chicago PMI and Pending Home Sales index release, along with a 3-month and 6-month bill auction. Tuesday, the usual Redbook report and the House Price Index will drop – now skipping to Thursday, we’ll see the MBA 30-year mortgage rate and applications, along with Jobless Claims and the S&P Global U.S. Manufacturing PMI. The ISM Manufacturing report and Construction Spending will follow later that morning. On Friday, we’ll see the Baker-Hughes oil rig count and Total Vehicle Sales.
A few stories to keep in mind during this thinly-traded season: MicroStrategy (MSTR), barely off its inclusion in the Nasdaq-100, is selling more shares to allow it to buy more Bitcoin. However, the cryptocurrency is having a rough day, currently down over 3%. Meme stock GameStop (GME) is higher after influencer ‘Roaring Kitty’ posted a picture of a Christmas present on X. And, Bloomberg reports that Alibaba (BABA) will merge South Korean operations with E-Mart to create an e-tail giant worth over $4 billion.
Enjoy Schwab Network’s Year in Review and have a great New Year!
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