Stocks are poised to fall in New York on Monday ahead of a week that includes a race by lawmakers on Capitol Hill to pass a stopgap government funding bill before Friday’s deadline.
House GOP leadership unveiled a two-part temporary funding extension on Saturday, aiming to keep the government open until the first deadline in January while they negotiate longer term spending agreements. If lawmakers can’t pass a temporary patch, the government could shut down Nov. 17.
Alibaba Group Holding, Applied Materials, Bath and Body Works, Gap, Macy’s, Ross Stores, Walmart, Warner Music Group, and Williams-Sonoma report earnings on Thursday; and BJ’s Wholesale Club on Friday.
This week’s notable economic events include Tuesday’s release of the consumer price index for October by the Bureau of Labor Statistics. The National Federation of Independent Business will report the Small Business Optimism Index for October.
On Wednesday, President Joe Biden will meet with China’s President Xi Jinping during the Asia-Pacific Economic Cooperation summit in San Francisco. Also Wednesday, the Census Bureau will release retail sales for October, and BLS will report the producer price index.
On Thursday, the National Association of Home Builders will release its Housing Market Index for November, and the Labor Department will release initial unemployment benefits claims for the week ended Nov. 11. On Friday, the Census Bureau will report new residential statistics for October.
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