The First Slice for Monday, December 2, 2024

What’s the Buzz in Business? This Week in Markets, Jobs, and Earnings

The economic spotlight this week is all about jobs and numbers. Investors and economists are waiting for November’s employment data, dropping Friday, to see if the U.S. labor market still has its mojo. After October’s weak showing—just 12,000 jobs added, partly due to storms and a strike—a lot is riding on these numbers. If the labor market continues to sputter, the Federal Reserve might feel the heat to cut interest rates faster. But before Friday’s big reveal, we’ll see updates on job openings, private-sector employment, and jobless claims that could offer early clues.

Adding to the drama, two Federal Reserve heavyweights—New York’s John Williams and St. Louis’s Alberto Musalem—are scheduled to talk shop. These are their last public chats before the Fed goes radio silent ahead of its December policy meeting. Expect analysts to parse every word for hints about where interest rates might go next.

On the business front, a flurry of earnings reports will keep investors busy. Tech titans like Salesforce and Marvell Technology are in the spotlight. Salesforce’s AI-powered tools and recent foray into data security via its acquisition of startup Own have analysts buzzing. Meanwhile, Marvell is riding the AI wave with its networking chips, which are crucial for data centers. Other tech players, like Zscaler and Synopsys, are also set to unveil their performance.

Canadian banks are stepping up, too, with earnings from the Royal Bank of Canada (RBC), TD Bank, and Bank of Montreal. RBC is banking on growth in personal finance and wealth management, while TD Bank faces scrutiny after a $3 billion settlement over a money-laundering scandal. It’s not just about numbers but how these banks navigate big reputational challenges.

For industry trend-watchers, the week also brings updates on the U.S. manufacturing and services sectors via PMI surveys. While manufacturing continues to stumble, services seem to be holding up the economy. Factory orders, construction spending, and consumer credit data round out the picture, giving insight into what’s driving or dragging the economy as the year closes out………. [read more]