Investors unpacked comments from Trump and the Fed this week
The holiday-shortened week still drove Wall Street forward. President-elect Donald Trump tapped hedge fund manager Scott Bessent for Treasury Secretary, which helped the bond market cool down. Trump also called for loftier levies on Mexican, Canadian, and Chinese goods, but commentary from the Federal Reserve helped offset the worries surrounding said tariffs.
Before the Thanksgiving holiday, investors unpacked the personal consumption expenditures (PCE) price index, leading the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) to all snap healthy win streaks. The Dow is ready to wrap up its best month since November 2023, while all three major benchmarks head for weekly and monthly gains.
Bath & Body Works Stock Has Best Day Ever After Earnings
While the week was short, investors still had plenty of retail data to unpack as the holiday shopping season kicks off. Bath & Body Works (BBWI) stock had its best day ever after reported a big beat-and-raise. Elsewhere, Urban Outfitters (URBN) enjoyed its best single-session percentage pop in roughly 18 months after net sales experienced a robust jump. Dick’s Sporting Goods (DKS) and Best Buy (BBY) moved in different directions, after both retailers posted their third-quarter results.
In the semiconductor space, Semtech (SMTC) surged to two-year highs after beating quarterly expectations and lifting its current-quarter revenue forecast. Elsewhere, software companies Workday (WDAY) and Autodesk (ADSK) both beat quarterly estimates, but fiscal fourth-quarter guidance disappointed.
What to Expect the Week After Thanksgiving
Investors will return from the Thanksgiving holiday break to the last month of 2024 with plenty of economic updates and earnings reports to unpack. Chewy (CHWY), DocuSign (DOCU), Hewlett Packard Enterprise (HPE), Lululemon Athletica (LULU), Salesforce (CRM), and Ulta Beauty (ULTA) are just a few of the firms set to report quarterly results.
In the meantime, Schaeffer’s Senior V.P. of Research Todd Salamone lays out two risks that bulls should monitor as we head into the Thanksgiving holiday.