Investors are bracing for the release of the October consumer price indexThe Consumer Price Index is a measure of the average price level of a basket of goods and services that are commonly consumed by households. More (CPI) report next week, a crucial indicator that could influence the Federal Reserve’s interest rate decisions. Markets are currently skeptical of a rate hike in December, but unexpected CPI figures or robust retail sales could prompt a reassessment.
Predictions and Presidential Meetings
Federal Reserve President Jerome Powell has emphasized a readiness to tighten monetary policy if warranted by economic data. Analyst Dan Victor from Seeking Alpha suggests the CPI might yield a lower-than-anticipated figure. Additionally, President Biden’s upcoming meeting with Chinese leader Xi Jinping is garnering attention, particularly from stakeholders in the technology sector, given its potential implications for international trade relations.
Retail Earnings and Investor Events
The upcoming week is also packed with earnings reports from retail heavyweights like Walmart, Target, and Home Depot, which could provide further insights into consumer behavior and economic health. Meanwhile, investor events for companies such as DraftKings, Roblox, and Guidewire Software are poised to create market buzz.
Disney’s ESPN Bet Launch and Strategic Partnerships
Disney’s ESPN is set to debut ESPN BET in multiple states, coinciding with the peak sports season. This launch, in partnership with Penn Entertainment, which holds exclusive rights to the ESPN Bet trademark, represents a significant move in the sports betting landscape, with Penn committing $2 billion to the collaboration.
Real Estate Sector in Focus
The Nareit’s REITworld: 2023 Annual Conference is on the radar of real estate investors, historically triggering positive movements in REIT stocks. Participants include prominent companies like Uniti Group and Tanger Factory Outlet Centers. The week also features other key industry conferences, potentially impacting sectors from healthcare to mining.
Heavily Shorted Stocks
Short squeeze watch is on in SMX (Security Matters) (SMX) and ProKidney Corp. (PROK).
Most Overbought and Oversold Stocks
The most overbought stocks per their 20-day relative strength indexIn the world of technical analysis, the Relative Strength Index (RSI) stands as a cornerstone tool for traders seeking insights into market momentum. Developed by J. Welles Wilder ... More are: Bluegreen Vacations (BVH), Golden Heaven Group Holdings (GDHG), Ramaco Resources (METC), and Transdigm Group (TDG). The most oversold stocks per their 20-day Relative Strength Index are: Ventyx Biosciences (VTYX), Organon & Co (OGN), Freyr Battery (FREY), and Spirit Airlines (SAVE).
Earnings
Monday, November 13 = Tower Semiconductor (TSEM), and Tyson Foods (TSN).
Tuesday, November 14 = Sea Limited (SE), Home Depot (HD), Vipshop (VIPS), and On Holding AG (ONON).
Wednesday, November 15 = Cisco (CSCO), Palo Alto Networks (PANW), TJX Companies (JX), Target (TGT), JD.com (JD), and XPeng (XPEV).
Thursday, November 16 = Walmart (WMT), Applied Materials (AMAT), Alibaba (BABA), and Macy’s (M).
Friday, November 17 = BJ’s Wholesale Club Holdings (BJ) and Spectrum Brands (SPB).
Bottom-line: The upcoming CPI report holds the key to understanding the Federal Reserve’s next move on interest rates, while earnings reports from top retailers and Biden’s meeting with Xi Jinping will provide directional cues for markets. The launch of ESPN BET marks a strategic moment in sports betting, potentially reshaping the industry. With the real estate sector also in the spotlight through the REITworld conference and several other industry events on the horizon, investors have a week full of pivotal information that could shape investment strategies across various sectors. Rising short interest in companies like SMX and ProKidney Corp warrants attention, highlighting areas of market skepticism amidst broader economic developments.
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