The final full-day of trading this week will have traders watching the reaction to quarterly results from Nordstrom, HP and Autodesk.
Fiscal fourth quarter revenue fell to $14.8 billon; the expectation was $14.73 billion.Shares traded 9% lower in extended trading. The software maker lowered its full year guidance.Revenue is expected to grow 14% compared to 14%-15%.Fiscal third quarter total revenue rose 14% to $1.280 billion compared to the estimate of $1.281 billion.
Non-GAAP diluted earnings per share for the three months ended October 31 was $1.70, matching the estimate.An extremely busy morning ahead for economic data as everyone looks to clear their plate ahead of Thanksgiving.The Labor Department will release the number of new jobless claims for last week. Expectations are for 225,000, up slightly from the previous week and indicating a labor market that remains tight.
The Census Bureau is expected to say that new orders for manufactured big-ticket items rose 0.4% seasonally adjusted in October, matching September’s rise. If you factor out the transportation component, orders are anticipated to remain flat after a surprise decline of half a percent in September. Orders for core capital goods, a closely watched proxy for business spending, are also expected to be unchanged in October, following an unexpected slide of 0.4% the previous month.
S&P Global releases its manufacturing and services PMIs for November. The manufacturing PMI is expected to slip to 50.0 from 50.4 previously. The services PMI is seen edging up to 47.9, from 47.8 in October. Note that 50 is the dividing line between expansion and contraction.tumbled 5.5% in October to a seasonally adjusted annual rate of 570 thousand. That would be the second straight monthly decline to the lowest level since July.
Also watch for the University of Michigan’s final index of consumer sentiment for November. It’s expected to edge higher to 55.0, up from the preliminary reading of 54.7 two weeks ago when sentiment fell unexpectedly on inflation worries and rising interest rates. The Federal Reserve will also release the minutes from its October meeting in the afternoon, which will hold more clues on the pace and size of future rate hikes.
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