Top 5 things to watch in markets in the week ahead
Investing.com — With investors on tenterhooks over when global interest rates might start to fall, upcoming inflation data this week will be in focus. OPEC+ meets to discuss oil output cuts and data from China will give fresh insights on the economic outlook for the world’s number-two economy. Here’s what you need to know to start your week.
On the heels of October's unchanged reading on consumer price inflation, markets will be hoping that another U.S. inflation report on Thursday will bolster the case for an end to Federal Reserve rate hikes.
The Fed’s preferred inflation gauge, the personal consumption expenditures price index, is expected to have risen 0.1% in November. The PCE index rose 0.4% in September, matching the rise in August.
The core reading, which strips out food and fuel costs and is considered a better gauge of underlying inflation, is expected to have risen 3.5% on a year-over-year basis.
Other economic data out during the week includes a consumer confidence index for November on Tuesday — October's reading showed a third straight monthly decline. There will also be the first revision of third quarter GDP, figures on new home sales for October, the weekly report on jobless claims and the Fed’s Beige Book.
Signs the U.S. stock market rally is broadening from the so-called Magnificent Seven of mega-cap growth and technology companies is bolstering investor hopes for a rally through year-end.
The Magnificent Seven group of stocks is made up of Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), Meta (NASDAQ:META) and Tesla (NASDAQ:TSLA) and they collectively hold a 28% weight in the S&P 500 index. They make up nearly 50% of the weighting of
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