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\n Share:<\/span><\/p>\n The S&P 500<\/strong> index opened lower on Monday following four weeks of gains. The index has gained 10.7% over the course of these previous four weeks, and last week it proved to be the fastest reversal out of a correction since the 1970s, according to data from Dow Jones.<\/p>\n While US Treasury yields wound lower across the yield curve to start the week, New Homes Sales tumbled in October to 679K, down 5.6% from the previous month\u2019s 719K print. Consensus was 725K. This may be part of the reason for stock market reticence on Monday.<\/p>\n Good news arrived on Shopify\u2019s (SHOP) <\/strong>data for Black Friday shopping, but much of the market is focused on Thursday\u2019s Personal Consumption Expenditures (PCE) data, which has traders expecting a further reduction in the growth of inflation.<\/p>\n Salesforce (CRM)<\/strong> is the biggest earnings focal point for S&P 500 components this week<\/a>. Released in Wednesday\u2019s post-market, the enterprise software company has seen unanimity among analysts in raising earnings per share (EPS) forecasts for the fiscal third-quarter 2024 results. Consensus sees the company founded and still run by CEO Marc Benioff earning\u00a0$2.06 in adjusted EPS on $8.72 billion. Profits are expected to decline slightly from the most recent quarter\u2019s $2.12 adjusted EPS, but sales are supposed to climb 1.4% from fiscal Q2.<\/p>\n Zscaler (ZS)<\/strong>, Crowdstrike (CRWD)<\/strong> and Snowflake (SNOW)<\/strong> \u2013 appearing on Monday, Tuesday, and Wednesday, respectively \u2013 will be the most-watched releases in the tech space, but none of the three are components of the S&P 500.\u00a0<\/p>\n Instead, Intuit (INTU)<\/strong>, Hormel Foods (HRL)<\/strong>, Kroger (KR)<\/strong> and Dollar Tree (DLTR) <\/strong>will be watched by\u00a0index traders.\u00a0<\/p>\n Intuit is expected to report $1.98 in adjusted EPS on $2.88 billion in sales on Tuesday.\u00a0<\/p>\n Analysts are quite pessimistic on Hormel Foods\u2019 release on Wednesday. The owner of dozens of supermarket brands is expected to earn $0.45 in adjusted EPS on $3.27 billion in sales, but it has missed revenue consensus for four consecutive quarters.<\/p>\n Dollar Tree is another retail-focused company with results out Wednesday. The downscale retailer is expected to witness a quarterly rise in results to $1.01 in EPS on $7.43 billion, but most analysts are skeptical of\u00a0the company. The DLTR stock price is down nearly 17% year to date.<\/p>\n On Thursday, Kroger will add to the week\u2019s retail survey. The market will mostly want to hear about how the Albertsons acquisition is panning out, but analysts take a dim view as the grocery chain has missed the mark on revenue for three quarters running.<\/p>\n The October PCE data on Thursday will likely move the market, which desires further confirmation that inflation is indeed stalling out. Any reading above consensus could drive a market sell-off as well. Reduced inflation readings will tell the market that Fed<\/a> rate cuts could be moved up on next year\u2019s calendar. Currently, the market expects the first cut to arrive at the May 2024 meeting.<\/p>\n Monday\u2019s consensus, which sometimes changes closer to the release, calls for monthly Core PCE to fall from 0.3% to 0.2%. The annual Core PCE consensus is expected to fall from 3.7% to 3.5%.\u00a0<\/p>\n\n
S&P 500 News: Earnings this week showcase enterprise software and retail<\/h2>\n
Thursday\u2019s PCE is expected to show more good news on inflation front<\/h2>\n