The Market Week Ahead: Nov. 18 – Nov. 22

Nov. 18, 2019 - This week has a pretty busy economic calendar, but most of the data is housing related. It's going to take a pretty big surprise, or a pattern of surprises in the same direction to move the broader stock market very much.

Minutes from the Federal Reserve's most-recent meeting are probably the most-likely driver of volatility this week (in the pre-scheduled category anyway), although, given the central bank's recent messaging, it's hard to imagine exactly what the minutes would have to contain to get much reaction.

Consumer Sentiment rounds out the week on the data front, but Friday's report is an update to preliminary numbers that were already reported. Big revisions aren't unheard of, but aren't super common either. So it isn't very likely that we'll be too surprised by what we get there.

Of course, unscheduled events have  been the biggest drivers of volatility recently, and that seems like the case this week as well. Before lunch today, we already had a positive headline about trade talks, which was quickly canceled out by a negative headline. That seems to be the pattern recently, although the magnitude of trade-related swings gets smaller and smaller as we're now waiting for a "phase one" deal to be negotiated as opposed to a broader, all-encompassing deal.

Economic Events this Week

There's a lot of housing data on the docket this week, but the items most likely to move markets and the minutes of the most-recent FOMC meeting and Friday's consumer sentiment report.

• Monday
  • 10:00 a.m. - NAHB Housing Market Index
• Tuesday
  • 8:30 a.m. - Housing Starts
  • 8:30 a.m. - Building Permits
•  Wednesday
  • 10:30 a.m. - EIA Crude Oil Inventories
  • 2:00 p.m. - FOMC Minutes
• Thursday
  • 10:00 a.m. - Existing Home Sales
• Friday
  • 10:00 a.m. - Univ. of Michigan Consumer Sentiment - Final

Earnings Reports this Week

We're into the tail-end of earnings season, but there's still some big names reporting this week.

Tuesday:

• Before the bell: HD, MDT, TJX, TDG, ARMK
• After the bell: PAGS, URBN

Wednesday:

• Before the bell: LOW, TGT, PDD, SR
• After the bell: NTES, CPRT, SQM, LB, JACK

Thursday:

• Before the bell: PLAN, BERY, M, BJ, BRC
• After the bell: INTU, ROST, SPLK, STNE, POST

Friday:

• Before the bell: SJM, FL

Sector and Industry Sentiment

As part of the upgrade and redesigned InvestorsObserver, we are now calculating a proprietary Sentiment Score for stocks. This score looks at price action, volume trends and data from the options market when available to try to get a sense of how the market feels about a stock. We're replacing the lists of sectors and industries that have performed well or poorly over various time periods with a ranking of all eleven sectors in order of sentiment and then the top ten and bottom ten industries.

Sector Sentiment

Real Estate Utilities Technology Consumer Defensive Consumer Cyclical Industrials Healthcare Financial Services Communication Services Basic Materials

Top Industries

Health Care Plans Confectioners REIT - Industrial Financial Data & Stock Exchanges Lodging Drug Manufacturers - General REIT - Residential Gambling Home Improvement Retail Semiconductor Equipment & Materials

Bottom Industries

Real Estate Diversified Medical Care Trucking Publishing Utilities - Independent Power Producers Drug Manufacturers - Specialty & Generic Real Estate Development Railroads Metal Fabrication Auto Parts