1 Stock to Buy, 1 Stock to Sell This Week: Nvidia, Deere
Wall Street’s three major indexes closed slightly higher on Friday to notch their third straight winning week as investors held fast to the belief that U.S. interest rates have peaked and might even fall next year.
For the week, the blue-chip Dow Jones Industrial Average rose 1.9%, the benchmark S&P 500 climbed 2.2%, and the tech-heavy Nasdaq Composite jumped 2.4%.
Stocks have been on a tear this month, with the Nasdaq up 9.9% amid signs of cooling inflation which have fueled hopes that the Federal Reserve is done raising interest rates.
With the Thanksgiving holiday just around the corner, Wall Street will have a shortened week of trading ahead. The stock market will remain shut on Thanksgiving Day — Thursday — and will close early at 1:00PM ET on Friday.
There will, however, be a full slate of economic data releases coming out in the days prior as investors continue to weigh the Fed’s rate plans for the months ahead.
On the economic calendar, most important will be the minutes of the Federal Reserve’s November FOMC meeting.
Meanwhile, the reporting season’s last big week sees earnings roll in from market heavyweight Nvidia, as well as several retailers such as Lowe’s (NYSE:LOW), Best Buy (NYSE:BBY), Kohl’s (NYSE:KSS), Nordstrom (NYSE:JWN), and Dick’s Sporting Goods (NYSE:DKS).
Other notable companies include Deere, Zoom Video (NASDAQ:ZM), Autodesk (NASDAQ:ADSK), and Baidu (NASDAQ:BIDU).
Regardless of which direction the market goes next week, below I highlight one stock likely to be in demand and another which could see fresh downside.
Remember though, my timeframe is just for the week ahead, Monday, November 20 — Friday, November 24.
I expect Nvidia (NASDAQ:NVDA) to extend its march higher this week, possibly
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