Last week, the government shutdown ended on Wednesday, and a tech selloff began to finish the week.
However, the S&P 500’s year-to-date return stands at a strong +14.49%. Treasury yields are initially unchanged to slightly lower across the curve, and the market continues to price down the odds of a December rate cut (now 41% in Fed Funds futures). With the government shutdown ending, we can expect economic data to start trickling in, with the major report coming in the form of the September jobs report on Thursday. On the equity side, Nvidia is set to report earnings on Wednesday evening, which will provide investors with a better understanding of the tech sector.
Kirby Hart
Associate
| Date | Event | Survey | Actual | Prior |
| 11/17/2025 | List of US Economic Indicators Delayed by Government Shutdown | |||
| 11/17/2025 | Empire Manufacturing | 5.8 | 18.7 | 10.7 |
| 11/17/2025 | Construction Spending MoM | -0.10% | — | -0.10% |
| 11/17/2025-11/20/2025 | Federal Budget Balance | -$228.8b | — | -$257.5b |
| 11/18/2025 | ADP Weekly Employment Preliminary Estimate | |||
| 11/18/2025 | Import Price Index MoM | 0.10% | — | — |
| 11/18/2025 | Import Price Index ex Petroleum MoM | — | — | — |
| 11/18/2025 | Import Price Index YoY | — | — | — |
| 11/18/2025 | Export Price Index MoM | — | — | — |
| 11/18/2025 | Export Price Index YoY | — | — | — |
| 11/18/2025 | New York Fed Services Business Activity | — | — | -23.6 |
| 11/18/2025 | Industrial Production MoM | 0.00% | — | — |
| 11/18/2025 | Manufacturing (SIC) Production | 0.10% | — | — |
| 11/18/2025 | Capacity Utilization | 77.40% | — | — |
| 11/18/2025 | NAHB Housing Market Index | 36 | — | 37 |
| 11/18/2025 | Factory Orders | 1.40% | — | -1.30% |
| 11/18/2025 | Factory Orders Ex Trans | — | — | 0.60% |
| 11/18/2025 | Durable Goods Orders | 2.90% | — | 2.90% |
| 11/18/2025 | Durables Ex Transportation | 0.40% | — | 0.40% |
| 11/18/2025 | Cap Goods Orders Nondef Ex Air | 0.60% | — | 0.60% |
| 11/18/2025 | Cap Goods Ship Nondef Ex Air | — | — | -0.30% |
| 11/18/2025 | Total Net TIC Flows | — | — | — |
| 11/18/2025 | Net Long-term TIC Flows | — | — | — |
| 11/19/2025 | MBA Mortgage Applications | — | — | 0.60% |
| 11/19/2025 | Trade Balance | -$60.3b | — | -$78.3b |
| 11/19/2025 | Exports MoM | — | — | 0.30% |
| 11/19/2025 | Imports MoM | — | — | 5.90% |
| 11/19/2025 | FOMC Meeting Minutes | — | — | — |
| 11/20/2025 | Initial Jobless Claims | 225k | — | — |
| 11/20/2025 | Initial Claims 4-Wk Moving Avg | — | — | — |
| 11/20/2025 | Continuing Claims | 1939k | — | — |
| 11/20/2025 | Change in Nonfarm Payrolls | 50k | — | 22k |
| 11/20/2025 | Two-Month Payroll Net Revision | — | — | -21k |
| 11/20/2025 | Change in Private Payrolls | 65k | — | 38k |
| 11/20/2025 | Change in Manufact. Payrolls | — | — | -12k |
| 11/20/2025 | Nonfarm Payrolls 3-Mo Avg Chg | — | — | 29k |
| 11/20/2025 | Unemployment Rate | 4.30% | — | 4.30% |
| 11/20/2025 | Labor Force Participation Rate | — | — | 62.30% |
| 11/20/2025 | Average Hourly Earnings MoM | 0.30% | — | 0.30% |
| 11/20/2025 | Average Hourly Earnings YoY | — | — | 3.70% |
| 11/20/2025 | Average Weekly Hours All Employees | 34.2 | — | 34.2 |
| 11/20/2025 | Underemployment Rate | — | — | 8.10% |
| 11/20/2025 | Philadelphia Fed Business Outlook | 1 | — | -12.8 |
| 11/20/2025 | Leading Index | -0.30% | — | — |
| 11/20/2025 | Existing Home Sales | 4.10m | — | 4.06m |
| 11/20/2025 | Existing Home Sales MoM | 1.00% | — | 1.50% |
| 11/20/2025 | Kansas City Fed Manf. Activity | — | — | 6 |
| 11/20/2025-12/19/2025 | Housing Starts | 1328k | — | 1307k |
| 11/20/2025-12/19/2025 | Business Inventories | — | — | 0.20% |
| 11/20/2025-12/19/2025 | Retail Sales Advance MoM | — | — | 0.60% |
| 11/20/2025-12/19/2025 | Wholesale Trade Sales MoM | — | — | — |
| 11/20/2025-12/19/2025 | Retail Sales Ex Auto MoM | — | — | — |
| 11/20/2025-12/19/2025 | Building Permits | 1317k | — | 1330k |
| 11/20/2025-12/19/2025 | Retail Sales Ex Auto and Gas | — | — | — |
| 11/20/2025-12/19/2025 | Housing Starts MoM | 1.60% | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Trade Balance | — | — | — |
| 11/20/2025-12/19/2025 | Retail Sales Control Group | — | — | — |
| 11/20/2025-12/19/2025 | Building Permits MoM | -1.00% | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Exports MoM SA | — | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Imports MoM SA | — | — | — |
| 11/20/2025-12/19/2025 | Retail Inventories MoM | — | — | — |
| 11/20/2025-12/19/2025 | New Home Sales | — | — | — |
| 11/20/2025-12/19/2025 | Wholesale Inventories MoM | — | — | — |
| 11/20/2025-12/19/2025 | New Home Sales MoM | — | — | — |
| 11/20/2025-12/19/2025 | Durable Goods Orders | — | — | — |
| 11/20/2025-12/19/2025 | Durables Ex Transportation | — | — | — |
| 11/20/2025-12/19/2025 | Cap Goods Orders Nondef Ex Air | — | — | — |
| 11/21/2025 | Bloomberg Nov. United States Economic Survey | |||
| 11/21/2025 | Real Avg Hourly Earning YoY | — | — | 0.70% |
| 11/21/2025 | Real Avg Weekly Earnings YoY | — | — | 0.40% |
| 11/21/2025 | S&P Global US Manufacturing PMI | 52 | — | 52.5 |
| 11/21/2025 | S&P Global US Services PMI | 55 | — | 54.8 |
| 11/21/2025 | S&P Global US Composite PMI | — | — | 54.6 |
| 11/21/2025 | U. of Mich. Sentiment | 50.8 | — | 50.3 |
| 11/21/2025 | U. of Mich. Current Conditions | — | — | 52.3 |
| 11/21/2025 | U. of Mich. Expectations | — | — | 49 |
| 11/21/2025 | U. of Mich. 1 Yr Inflation | — | — | 4.70% |
| 11/21/2025 | U. of Mich. 5-10 Yr Inflation | — | — | 3.60% |
| 11/21/2025 | Kansas City Fed Services Activity | — | — | -5 |
| 11/24/2025 | Chicago Fed Nat Activity Index | — | — | — |
| 11/24/2025 | Dallas Fed Manf. Activity | — | — | -5 |
| 11/24/2025 | Fed Releases Annual Revision to Industrial Production |