Week Ahead — 17–21 November 2025
Nvidia’s quarterly results are the focal point after recent pressure on high‑valuation tech. A strong update could ease concerns around the AI trade; a miss would likely keep valuation worries in focus.
Flash November PMIs (manufacturing and services) for major economies will offer fresh signals on growth momentum into year‑end and shape expectations for central‑bank policy paths, especially in the U.S.
The Federal Reserve’s October meeting minutes arrive midweek. Markets will parse the language for clues on whether the Fed is leaning toward holding rates steady or preparing to cut sooner if inflation cools and growth slows.
Beyond tech, earnings from Walmart, Target, Home Depot, Lowe’s, Deere & Company, Palo Alto Networks, and Intuit will help gauge consumer demand, pricing power, and business investment ahead of the holiday period.
Key macro data include Canada’s CPI, retail sales, and PPI; GDP figures from Mexico, Chile, and Colombia; and the People’s Bank of China’s rate decision. In the U.S., housing starts, jobless claims, and S&P Global PMIs will round out the growth and inflation picture for the dollar and Treasuries.
Our take: expect pockets of volatility around Nvidia, the PMIs, and the Fed minutes. Keep position sizes sensible into the prints, focus on quality names with clear earnings drivers, and let the week’s data confirm direction before adding risk.