Trading is expected to be thin on Thanksgiving get-away day, as most people are more interested with travel plans and holiday festivities than scrounging for gelt in the stock market.
The government released its second estimate of third quarter GDP as unchanged, the US economy growing at an annualized rate of 2.8%.
At 10:00 am ET, the Fed's BFF inflation gauge, Personal Consumption Expenditure (PCE) for October is due out. Economists expect annual "core" PCE - which excludes food and energy - to have clocked in at 2.8% in October, up from 2.7% in September. The indicator will have a strong impact on whether the Fed decides to cut interest rates again in December when the FOMC meets on the 17th and 18th.
Following the release of Fed minutes Tuesday afternoon, which suggested some members of the committee were considering slowing the rate of cuts, possibly pausing in December, a hotter-than-expected PCE would lean towards betting against a rate cut in December and possibly even into January's meeting.
The market is unsure how Trump's policies will affect the economy, so there's some reluctance to go "all in" on trades though the past few weeks have seen more investor euphoria than reticence.
A few more companies revealed third quarter earnings after Tuesday's close, these among the last before fourth quarter results in January.
Shares of Dell (DELL) tumbled 12 percent after announcing results that didn't match expectations, the company missing estimates on total revenue but beating estimates of $2.06 EPS, reporting $2.15. Q4 revenue projection of $24-$25 billion fell short of analysts' $25.57 billion estimate, based on slowing PV sales.
Rival computer maker, HP Inc. (HPQ) was also sent lower after hitting EPS and revenue targets, but citing tariffs as a headwind to future profits. Shares were down seven percent pre-market.
Autodesk (ADSK) narrowly beat estimates for the quarter but investors chose to take the money and run, sending shares down eight percent prior to the opening bell. Autodesk was up more than 35% year-to-date prior to the announcement.
Workday (WDAY) was another tech wreck, with shares sliding 12 percent after beating top and bottom line but issuing weak forward guidance.
Crowdstrike (CRWD) went counter to the morning's trend, beating on revenue ($1.01 billion) and EPS of 3 cents, both better than year-ago results. The stock is down slightly, less then two percent.
Retailers Nordstrom (JWN) and Urban Outfitters (URBN) both beat earnings estimates. Nordstrom was seen lower by about two percent, but investors were cheering on Urban Outfitters, which reported record sales and an upgrade from Citi. The stock was up nearly 15% in pre-market trading.
Gold and silver are continuing to rebound after being dragged lower on Monday.
Happy Thanksgiving!
At the Close, Tuesday, November 26, 2024:
Dow: 44,860.31, +123.74 (+0.28%)
NASDAQ: 19,175.58, +120.74 (+0.63%)
S&P 500: 6,021.63, +34.26 (+0.57%)
NYSE Composite: 20,219.45, -0.90 (-0.00%)
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