The Market Glance for November 20: Wall Street Awaits Fed Meeting Minutes
Asif Imtiaz Nov 20, 2017
The lack of major corporate earnings and the Thanksgiving holiday on Thursday will probably keep volatility low this week, but a barrage of economic data on Wednesday might light up the markets.
Nevertheless, analysts are particularly interested in the earnings calls of two business process solution providers, Intuit Inc. (INTU ) and Salesforce.com Inc. (CRM ), as both companies focus on helping small businesses, and their growth stories can provide a broader perspective on the underlying trends of the backbone of the American economy.
While analysts are expecting the newly selected Fed chair to pursue sensible dovish policies to maximize employment in the economy, his predecessor, Janet Yellen, has already initiated the rate hikes, and she still has until February to steer the economy. Since Jerome Powell was nominated to head the Fed during the recent Federal Open Market Committee meetings that ended on November 1, market participants are eager to learn what he had to say – and the meeting minutes are about to reveal just that.
To sum up, although we expect a lethargic market in the next few days as investors will be busy picking up gifts and preparing for Thursday’s holiday dinner, make no mistake about the importance of scrutinizing the minutes of the last FOMC meetings.
Check out last week’s Market Glance here, in which investors focused on some major retail earnings.
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