Best Buy, Deere, Dell Technologies, Gap and more stocks to watch this week

<p>It’s a week cut short by the holidays in the United States, with the stock and bond markets closed Thursday for Thanksgiving Day and only half a day of trading on Friday. This week’s earnings releases begin with Agilent Technologies on Monday, then a busy Tuesday: Analog Devices, Best Buy, Dell Technologies, Dollar Tree, Gap, HPInc. And VMware all report. Deere adds its results Wednesday.

This week’s economic data highlights include the IHS Markit Manufacturing and Service Purchasing Managers Indexes for Monday in November. Both are seen sliding slightly from October. On Tuesday, the Conference Board released its consumer confidence index for November, which is also expected to post a decline from a month earlier.

Wednesday will feature several notable releases. The Federal Open Market Committee releases the minutes of its November meeting and the Bureau of Economic Analysis releases its second estimate of third quarter GDP.

Also on Wednesday, the BEA reports personal income and expenditure for October, both of which are expected to increase, but at a slower pace than in recent months. Finally, the Census Bureau released the October report on durable goods – a decent approximation of business investment – on Wednesday that economists expect to have climbed 1.5% from September.

Monday 23/11

Agilent Technologies Reports Fourth Quarter Fiscal 2020 Results.

IHS Markit releases its Manufacturing and Service Purchasing Managers Index for November. The consensus estimates are for a manufacturing PMI of 53 and 56.5 for the services PMI. Both estimates are slightly lower than the October data.

The Federal Reserve Bank of Chicago releases its National Activity Index for October. Economists are forecasting a reading of 0.23, roughly equal to September’s figure. Since peaking at an all-time high of 5.93 in June, the index has fallen steadily, suggesting that the economy will continue to grow, but at a slower pace.

Tuesday 24/11

Analog Devices, Autodesk, Best Buy, Burlington Stores, Dell Technologies, Dollar Tree, Gap, Hormel Foods, HP Inc., JM Smucker, Jacobs Engineering Group, Medtronic and VMware release quarterly results.

The Federal Housing Finance Agency publishes its house price index for September and the third quarter. In August, house prices rose 8% year-over-year, according to the FHFA. The biggest gains were made in the West in states like Arizona and Idaho.

The Conference Board releases its consumer confidence index for November. Expectations are for a reading of 98, down from 100.9 in October.

Wednesday 25/11

The Bureau of Economic Analysis releases its second estimate of third quarter GDP. Economists predict a seasonally adjusted annual growth rate of 33.1%, a record.

Deere is holding a conference call to discuss the results.

The Federal Open Market Committee releases the minutes of its monetary policy meeting in early November.

The Census Bureau reports new single-family home sales for October. Economists predict a seasonally adjusted annual rate of 972,500 homes sold, up from 959,000 in September. New home sales continue to be near their post-financial crisis peak.

The Bureau of Economic Analysis reports personal income and expenses for October. We expect income to gain 0.4% month over month; expenditure increases by 0.8%. This compares to increases of 0.9% and 1.4%, respectively, in September.

The Census Bureau releases the October Durable Goods Report. The consensus estimate is for a 1.5% month-over-month jump to $ 240.7 billion in new manufactured orders.

Thursday 26/11

The US stock and fixed income markets are closed for Thanksgiving Day.

Friday 11/27

The Nasdaq and the New York Stock Exchange close early at 1 p.m. EST, while the bond market closes at 2 p.m.

It’s Black Friday, the unofficial start of the holiday shopping season.

Write to Nicholas Jasinski at nicholas.jasinski@barrons.com