1 Stock to Buy, 1 Stock to Sell This Week: CrowdStrike, Foot Locker
Stocks on Wall Street closed mostly higher on Friday to notch another winning week on growing expectations the Federal Reserve is done with raising interest rates and could start cutting them next year.
For the week, the blue-chip Dow Jones Industrial Average rose 1.3%, the benchmark S&P 500 advanced 1%, and the tech-heavy Nasdaq Composite tacked on 0.9%.
All three indexes notched their fourth consecutive positive week, the longest for the S&P 500 and Nasdaq since June.
The major indexes have had a huge November so far, with the Dow up 7.1%, the S&P 500 up 8.7% and the Nasdaq up 10.9%.
The week ahead is expected to be another eventful one as the calendar flips from November to December and investors continue to gauge the outlook for the economy, inflation, and interest rates.
Most important on the economic calendar will be the core personal consumption expenditures (PCE) price index, due on Thursday. In addition, there is also important third quarter GDP data due on Wednesday, which will provide more clues as to whether the economy is heading for recession.
In addition, investors will scrutinize a speech from Fed Chairman Jerome Powell, as well as comments from a handful of other Fed policymakers.
Elsewhere, some of the key earnings reports to watch include updates from Salesforce (NYSE:CRM), CrowdStrike, Snowflake (NYSE:SNOW), Zscaler (NASDAQ:ZS), Ulta Beauty (NASDAQ:ULTA), Dollar Tree (NASDAQ:DLTR), and Foot Locker as Wall Street’s Q3 reporting season draws to a close.
Regardless of which direction the market goes, 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 27 — Friday, December 1.
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