U.S. Q3 Earnings Season Nears Close as Investors Eye Dell, HP Results.U.S. October PCE Price Index Released【The week ahead】

TradingKey - Last week, concerns over an AI bubble, coupled with fading expectations for Federal Reserve rate cuts, triggered a broad sell-off in U.S. equities. The tech-heavy Nasdaq Composite (.IXIC.US) dropped more than 2%, while the S&P 500 (.SPX.US) and the Dow Jones Industrial Average both declined around 1.5%.

This week, markets will focus on the Fed’s preferred inflation gauge—the PCE price index—for fresh signals on monetary policy. Key earnings reports are due from Dell and HP, among others. Additionally, Chinese tech names Alibaba, Meituan, Li Auto, and Nio are set to release their quarterly results.

Preview of major events

U.S. Q3 Earnings Season Winds Down as Markets Turn to Dell, HP Results

With Nvidia's earnings report out this week, the U.S. Q3 earnings season is winding down, shifting investor focus to results from Dell and HP. The week also features a wave of Chinese tech earnings, with Alibaba scheduled to release its quarterly results before the market open on Tuesday, followed by reports from Meituan, Li Auto, and Nio.

Andy Sieg, head of Citi Wealth, said he believes there is still "room for further upside" in the U.S. bull market, citing strong capital inflows into the firm’s platforms from high-net-worth clients this year.

Fed’s Preferred Inflation Gauge—PCE Price Index—Set for Release

In the lead-up to the Federal Reserve’s December rate decision, a wave of key economic data delayed by the government shutdown is set to be released. The U.S. Commerce Department announced that the third-quarter GDP revision, October personal income and spending, and the PCE price index report will be published on Wednesday, November 26. The Labor Department said it will release the September PPI data on November 25.

Markets expect the economy’s growth rate for the quarter to remain above 3.0%, driven by consumer spending. The PCE price index—the Fed’s preferred inflation gauge—is forecast not to show significant acceleration.

Trump Plans to Sign AI Initiative "Project Genesis" at White House

Donald Trump plans to unveil the "Genesis Mission" at the White House on Monday, an AI initiative modeled after the Manhattan Project and the space race. The executive order is expected to direct national laboratories to expand their work in emerging AI technologies and could establish new public-private collaboration frameworks.

Trump is also calling on Congress to pass federal AI regulatory standards, advocating for a unified federal approval process to eliminate obstacles created by fragmented state-level regulations.

Selected Economic Data

Tuesday: U.S. September Retail Sales Month-over-Month

Wednesday: U.S. September Durable Goods Orders Month-over-Month

Friday: Japan October Unemployment Rate

This week's featured events

Monday: European Central Bank President Christine Lagarde speaks

Wednesday: UK Chancellor Rachel Reeves unveils budget plans

Thursday: Federal Reserve releases Beige Book on economic conditions

Corporate Earnings

Monday: Zoom (ZM.O)

Tuesday: Dell (DELL.N), HP (HPQ.N), Alibaba (09988.HK), Nio (NIO.N)

Wednesday: Li Auto (LI.O), Ali Health (00241.HK)

Friday: Meituan (03690.HK)