What to Watch in the Day Ahead - Tuesday, November 26
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The Federal Open Market Committee is scheduled to issue minutes of its November policy meeting.
Retailers Best Buy, Abercrombie & Fitch, Nordstorm and Kohl's are set to release their quarterly earnings, winding up the latest earnings season. Best Buy is expected to report a marginal drop in third-quarter same-store sales as consumer demand for pricey electronics remains muted. Separately, Abercrombie & Fitch is expected to post a rise in third-quarter revenue, helped by demand for its apparel offerings at its namesake brand and at Hollister. Additionally, Kohl's is expected to post a decline in third-quarter revenue as consumers pull back spending in department stores, hurt by higher prices. Investors will primarily watch out for comments from these retailers on holiday demand, promotions and the impact of tariffs, if any. Meanwhile, Nordstrom may report a rise in third-quarter sales driven by higher demand at its discount banner, Rack, and from efforts to offer products such as Birkenstock and On shoes. Investors will look out for statements on potential sale of the company to Nordstrom family, holiday period promotions and any raises on guidance for FY24.
Dell is expected to report a rise in third-quarter revenue as it benefits from robust demand for its AI-optimized servers as clients spend heavily on infrastructure capable of handling AI workloads. Additionally, HP is also expected to report a rise in revenue in the fourth-quarter due to an increase in demand for artificial intelligence-powered personal computers.
Jif peanut butter maker J.M. Smucker is expected to post a rise in second-quarter revenue helped by resilient demand for its packaged food products such as jams and frozen food. Investors will look out for comments on forecasts, impacts of rising coffee costs and pricing strategies.
On the U.S. economic front, the Conference Board is expected to show the country's consumer confidence likely jumped to 111.3 in November from 108.7 a month ago. Separately, the Commerce Department's Census Bureau’s new home sales data is forecast to show a dip to 725,00 units in October from 738,000 units reported in September.
In Latin America, Brazil's statistics agency IBGE is expected to report the IPCA-15 consumer price index rose 0.48% in mid-November, compared to 0.54% in the previous month. In the 12 months to mid-November, inflation likely stood at 4.62%, up from the 4.47%. Separately, Argentina’s September retail sales data is also due.
Compiled by Ashitha Salus in Bengaluru; Editing by Tasim Zahid
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