November 26, 2023

The Weekend Rip: November 26, 2023

It was a short week in the markets, but bulls managed to keep the stock market indexes green. 📈

Let’s recap and prep you for the week ahead. 📝

What Happened?

📊 The major stock market indexes closed positive during the lighter-volume week, even after Nvidia’s earnings failed to boost the bulls.

🤩 This week’s Stocktwits Top 25 report showed outperformance relative to the indexes.

🦃 Meme stocks were off the Thanksgiving menu, given AMC Entertainment and Gamestop have sustained a downward trajectory. They were likely replaced by Bitcoin and crypto as the topic of conversation because of its 2023 rally continuing despite regulators’ best efforts to quash it.

🛍️ Retailers were in focus as investors assessed the health of the U.S. consumer during the holiday shopping season into 2024. The group reported mixed results, but the underlying cautious tones remained across the board.

⚠️ Investors became concerned about industrial stocks after Deere signaled that demand may be returning to mid-cycle levels, a far cry from last quarter’s forecast for an “elongated cycle.”

📰 Several other topics made headlines, including Zoom, Bayer A.G., OpenAI, and gold.

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $BKKT, $VFS, $FSR, $COIN, and $SHOT.

Here are the closing prices:

S&P 500	4,559	+1.00%
Nasdaq	14,251	+0.89%
Russell 2000	1,808	+0.54%
Dow Jones	35,390	+1.27%

Bullets

Bullets From The Weekend

⏪ X reverses course; will show headlines for linked articles again. Elon Musk says X will start showing headlines in preview cards with URLs on the platform just a month after removing them to discourage users from being led off-site. In a post on X, he said the company would overlay the title in the upper portion of the image but didn’t provide a specific timeline or give an example of what it would look like. For now, users continue to add text to their own feature images so that they will show up on the site’s preview when posting a link. TechCrunch has more.

😬 Peloton’s 10th annual “Turkey Burn” did not go as expected. The exercise and media company known for its stationary bike has struggled to stay relevant for users and investors in a post-pandemic world. This week, the company’s CEO had to apologize after its annual Thanksgiving ride, where the company was looking to break the Guinness World Record for the largest live cycling class, failed after its systems buckled under the load. Roughly 37,000 people could participate, but thousands were left frustrated when they could not log into the live session. More from The Verge.

🥶 Holiday job postings show signs of a cooling job market. Seasonal workers looking to pick up extra shifts are finding it more difficult than in previous holiday seasons, with economists pointing to this as another signal that the historically strong job market is continuing to cool. The holiday hiring season is an annual end-of-the-year litmus test for how companies feel about consumers and the broader economy. The trend makes sense, given the overall cautious tone we’ve heard from retailers, shippers, and other consumer-focused companies. Axios has more.

The Brief

Need a concise summary of what’s going on this week? Look no further. Here’s an overview of important earnings and economic data for the trading week ahead.

Economic Calendar

It’s a light week of data, with investors focused on the personal consumption expenditures (PCE) index. In addition to the above, check out this week’s complete list of economic releases.

Earnings This Week

Earnings season is slowing down, with 101 companies reporting this week. Some tickers you may recognize are $CRM, $DELL, $HPE, $ZS, $DLTR, $FL, and more.