Jobs report, Yellen Powell CARES Act hearing, Dollar General earnings top week ahead

After an abbreviated session on Friday, the markets will reopen for a full week of business, featuring a slew of earnings and key economic data, including the Beige Book, ADP employment and the jobs report.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen will also testify before lawmakers at a hearing on CARES Act oversight, and Congress will race to pass a funding bill ahead of Friday’s looming deadline for a government shutdown.

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.

The week kicks off relatively quietly on the earnings and economic data front with pending home sales. New York Fed president John Williams will also speak during a virtual event to launch the New York Innovation Center (NYIC), a strategic partnership with the Bank for International Settlements (BIS) Innovation Hub.

Meanwhile, those who missed out on Black Friday deals over the holiday weekend will be able to take advantage of Cyber Monday sales from retailers including Walmart, Amazon, Best Buy, Target, Macy’s, Kohl’s, JCPenney, Home Depot, Old Navy, Adidas, REI, Nike, Barnes & Noble, GameStop, Bath & Body Works, Sephora, Ulta, Wayfair and Zappos.

Monday also marks the expiration of the Fearless Girl statue’s permit after three years of staring down Wall Street, the new date for the Ports of Los Angeles and Long Beach’s $100 surcharge for dwelling shipping containers, the deadline for Securities and Exchange Commission chairman Gary Gensler to response to Sen. Elizabeth Warren’s questions about Trump Media and Technology Group’s SPAC merger with Digital World Acquisition Corp. and the deadline to apply for FEMA assistance for Hurricane Ida.

In international news, Japan’s prime minister Fumio Kishida is expected to meet with European Council President Charles Michel to discuss closer ties in the Indo-Pacific region amid China’s growing assertiveness. Talks will also resume in Vienna on reviving the 2015 Iran nuclear deal.

Earnings will ramp up on Tuesday with Barnes & Noble Education and Chico’s FAS before the market open and Box, GlobalFoundries, Hewlett-Packard Enterprise, NetApp, Salesforce.com after the bell.

As for economic data, investors will take in the FHFA’s monthly home price index — the Case-Shiller home price index — for the latest reading on consumer confidence. New York Fed president John Williams will also deliver opening remarks before an event, “Combating Food Insecurity: What’s Working – and What’s Scalable?”

In addition, Treasury Secretary Janet Yellen and Federal Reserve chairman Jerome Powell will testify before the Senate’s Committee on Banking, Housing and Urban Affairs in a hearing entitled “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.”

Merck will be a stock to watch on Tuesday as the Food and Drug Administration’s Antimicrobial Drugs Advisory Committee (AMDAC) will meet to discuss the available data supporting the use of molnupiravir, an investigational antiviral drug, to treat mild to moderate COVID-19 cases in adults and high-risk patients.

In technology news, Verizon Stores will begin selling Nreal Light augmented reality glasses, and chipmaker Qualcomm will kick off its Tech Summit, where it is expected to unveil its newest Snapdragon chipset. The event will run through Dec. 2.

Tuesday also marks Giving Tuesday, a worldwide celebration of generosity, and the deadline for live venues in California to apply for pandemic relief funds.

Earnings taking the spotlight on Wednesday include Build-A-Bear Workshop and G-III Apparel before the market open and Five Below, Okta, PVH, Snowflake, Splunk and Synopsys after the bell.

Meanwhile, Wednesday’s economic data will include the Beige Book, ADP national employment report, vehicle sales, construction spending, the ISM manufacturing PMI, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.

Federal Reserve chairman Jerome Powell previously said that the agency would also start tapering its monthly asset purchases beginning in December. He noted during his FOMC press conference on Nov. 3 that the purchases would initially be reduced by $10 billion for Treasury securities and $5 billion for agency securities.

Meta will also be a stock to watch as the company officially changes its stock ticker from FB to MVRS. The tech giant, formerly known as Facebook, rebranded itself last month as it shifts is focus to building the metaverse, a virtual reality space where users can interact with each other in a computer-generated environment.

The name change comes as Facebook is facing growing backlash following testimony and disclosures from former product manager turned whistleblower Frances Haugen. Haugen has accused the company of prioritizing profits over user safety and has released documents that highlight the inner workings of the social media giant, covering everything from how it handles misinformation and hate speech on its platforms to Instagram’s impact on the mental health of teens and young children.

On Capitol Hill, the House Energy and Commerce’s subcommittee on communications and technology will hold a hearing on holding Big Tech accountable. The hearing will focus on several bills, including the “Protecting Americans from Dangerous Algorithms Act,” the “Civil Rights Modernization Act of 2021,” the “Safeguarding Against Fraud, Exploitation, Threats, Extremism, and Consumer Harms Act” and the “Justice Against Malicious Algorithms Act of 2021.”

Thursday’s earnings docket will include Dollar General, Duluth Holdings, Express, Kroger, Lands’ End and Signet Jewelers before the market open and Asana, Cooper Companies, DocuSign, Smith & Wesson and Ulta Beauty after the bell.

Economic data in focus on Thursday will be challenger layoffs and the latest in initial and continuing jobless claims.

Meanwhile, Atlanta Fed president Raphael Bostic will moderate a virtual conversation dubbed “Why is Housing So Expensive?” before the Biennial Real Estate Conference and participate in a virtual live interview, “Policy for Progress,” before the Reuters Next conference. San Francisco and Richmond Fed presidents Mary Daly and Thomas Barkin will also participate in a virtual fireside chat called “State of the Labor Market,” which is hosted by the Peterson Institute for International Economics.

OPEC+ will also hold its December policy meeting, which comes about a week after the Biden Administration announced it would tap 50 million barrels of oil from strategic reserves in an attempt to mitigate rising gas prices, and the Treasury Department’s Federal Advisory Committee on Insurance will meet to discuss climate-related financial risk and the insurance sector, receive updates on activities from its subcommittees and the Federal Insurance Office and consider any new business.

On Capitol Hill, the House of Representatives will hold a series of hearings on topics including cybersecurity and the nation’s infrastructure, supporting U.S. workers and business in the face of unfair Chinese trade practices and strengthening the safety net for injured workers.

Earnings from Big Lots and Hibbett, the jobs report, factory orders and ISM non-manufacturing PMI will finish out the week.

Friday also marks the deadline for Congress to pass a funding bill to avoid a government shutdown. In addition, the World Trade Organization’s meeting of trade ministers will also wrap up.

Christopher Lewis

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