Markets enter a shortened Thanksgiving week following significant losses that saw major indexes break below key technical support levels despite strong Nvidia (NVDA) earnings. Growth stocks suffered substantial damage for the week, with Bitcoin also declining sharply, though Friday brought a bounce on renewed Fed rate cut hopes and news of Nvidia chip sales to China before gains faded into the close. The technical deterioration suggests investors should maintain defensive positioning until the market demonstrates genuine strength and the ability to reclaim broken support levels. This week's abbreviated trading schedule compresses a full slate of critical economic data into just two sessions, with Tuesday delivering retail sales, PPI, and consumer confidence reports, followed by Wednesday's explosive convergence of Q3 GDP revision, Core PCE inflation data, durable goods orders, and initial jobless claims all before the Thursday Thanksgiving holiday. The earnings calendar features Chinese e-commerce giant Alibaba (BABA), enterprise technology leaders Dell (DELL) and Workday (WDAY), cybersecurity provider Zscaler (ZS), and agricultural equipment maker Deere (DE) that together will provide perspectives across global consumer spending, enterprise IT investment, and industrial equipment demand.

Here are 5 things to watch this week in the Market.

Retail Sales and Holiday Shopping Preview

Tuesday's September retail sales data at 8:30am takes on heightened significance following last week's market weakness, providing critical insights into consumer spending resilience heading into the -holiday shopping season. Both headline and core retail sales will be analyzed for evidence that consumers are maintaining spending despite economic uncertainties, stock market volatility, and ongoing concerns about employment conditions. The timing just before Thanksgiving creates natural focus on consumer health as retailers enter their most important sales period. Tuesday's consumer confidence report at 10:00am will complement the spending data by offering perspective on household sentiment about current conditions and future expectations. Strong retail sales and confidence could help stabilize markets by reinforcing narratives of economic resilience, while disappointing numbers could exacerbate concerns about growth deceleration. The convergence of actual spending data and sentiment indicators will be particularly important for assessing whether consumers can drive economic momentum through year-end despite recent market turbulence and technical breakdown in equity indexes.

Wednesday's Economic Data Explosion

Wednesday delivers an unprecedented convergence of major economic releases packed into a single morning before the Thanksgiving holiday, creating potential for significant market volatility. The Q3 GDP revision at 8:30am will provide updated perspectives on economic growth momentum, with particular focus on consumer spending, business investment, and net export contributions. The Core PCE Price Index at 10:00am represents the Federal Reserve's preferred inflation measure and will be closely scrutinized for evidence of continued disinflation progress or concerning price pressures that could complicate December rate cut expectations. Wednesday's durable goods orders will offer insights into business investment intentions and manufacturing demand, while initial jobless claims will provide the latest labor market snapshot. Tuesday's PPI data will provide additional inflation context from the wholesale level. The compressed timing of these releases into two pre-holiday sessions means markets will have limited time to digest potentially market-moving information before the Thanksgiving break. Any significant surprises in growth, inflation, or employment indicators could trigger outsized reactions given reduced liquidity and positioning adjustments ahead of the holiday.

Enterprise Technology Spending Assessment

Tuesday's earnings from Dell (DELL), Workday (WDAY), and Zscaler (ZS) will provide comprehensive insights into enterprise technology spending amid ongoing economic uncertainties and last week's growth stock selloff. Dell's results will offer perspective on PC demand, server sales, and data center infrastructure investment that serves as a barometer for corporate IT budgets. The company's AI server momentum and enterprise hardware refresh cycles will be particularly important following Nvidia's strong but not enough to prevent market weakness. Workday's earnings will provide insights into cloud-based human capital management and financial software demand, offering clues about enterprise software spending resilience. Zscaler's results will test cybersecurity investment priorities and zero-trust architecture adoption amid evolving threat landscapes. All three companies' guidance about corporate IT spending intentions heading into 2026 will be crucial for determining whether enterprise technology budgets can withstand broader economic pressures or if CIOs are beginning to pare back investments.

China Consumer and Industrial Equipment Crossroads

Tuesday's Alibaba (BABA) earnings will provide critical perspectives on Chinese consumer behavior, e-commerce trends, and the effectiveness of government stimulus measures amid ongoing trade tensions with the United States. Alibaba's results across its core e-commerce platforms, cloud computing business, and international operations will offer comprehensive insights into China's economic health and consumer confidence. The company's commentary about Singles' Day shopping festival performance and holiday season expectations will be particularly important for assessing Chinese consumer resilience. Wednesday's Deere (DE) earnings will provide contrasting perspectives on North American agricultural equipment demand, farmer income levels, and construction equipment markets. Deere's results will offer insights into both agricultural commodity prices and broader industrial equipment spending that serves as a leading indicator for business investment. The company's guidance about 2026 demand will help determine whether farmers and construction companies are maintaining capital expenditure plans or pulling back due to economic uncertainties.

Holiday Week Trading Dynamics and Technical Repair

The compressed trading schedule before Thanksgiving creates unique market dynamics where reduced liquidity can amplify price movements in either direction. Following last week's technical breakdown below key support levels, the market faces a critical test of whether buyers will emerge to defend lower levels or if the selling pressure will accelerate. The holiday week historically sees lighter volume and reduced institutional participation, potentially creating opportunities for short-term bounces but also vulnerability to momentum continuation. Investors will be watching whether growth stocks that suffered major damage last week can find support or if the rotation into defensive sectors accelerates. Friday's abbreviated session with early close at 1:00pm adds another layer of complexity for positioning decisions. The convergence of critical economic data, earnings from technology and industrial leaders, and unique holiday trading dynamics creates potential for significant moves despite the shortened schedule. Markets will need to demonstrate sustained strength and ability to reclaim broken support levels to shift from the current defensive posture that last week's action warranted.

Best of luck this week and don't forget to check out my daily options article.

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