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Consumer confidence remains strong heading into the holiday shopping season. The Conference Board’s November consumer confidence survey released Tuesday topped analysts’ forecasts. Consumer spending accounts for around 70 per cent of US economic activity and it has remained a bulwark against slower economic growth.
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On Thursday, the government releases its October data on the Fed’s preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022. The loosening grip from inflation and a resilient economy have raised hopes that the Fed might finally be finished with raising its benchmark interest rate.
That has helped fuel a rally on Wall Street. The benchmark S&P 500 index is up 8.7 per cent in November, on track for its biggest monthly gain of 2023. Every major index is headed for a solid November gain.
Wall Street is mostly finished with the latest round of corporate earnings, though there are still several large companies on deck to report their most recent financial results. TurboTax parent company Intuit, Hewlett Packard Enterprise and tech company NetApp will all report their results after the closing bell.
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