December S&P 500 futures and December Nasdaq 100 E-Mini futures are up this morning as market participants looked ahead to the release of the minutes of the Federal Reserve’s latest policy meeting as well as earnings from semiconductor stalwart Nvidia later in the week.

In the coming week, investors will be monitoring a spate of economic data, including the U.S. Existing Home Sales, Durable Goods Orders, Core Durable Goods Orders, Initial Jobless Claims, Michigan Consumer Sentiment, Crude Oil Inventories, S&P Global Composite PMI (preliminary), S&P Global Manufacturing PMI (preliminary), and S&P Global Services PMI (preliminary).

In addition, investors will be paying close attention to the release of the Federal Reserve’s minutes from the November meeting on Tuesday for any new insights into the future trajectory of interest rates.

On the earnings front, several prominent companies like NVIDIA (NVDA), Zoom Video (ZM), Baidu (BIDU), and HP Inc (HPQ), along with retailers including Lowe’s (LOW), Urban Outfitters (URBN), Dick’s Sporting Goods (DKS), and Best Buy (BBY), are scheduled to release their quarterly results this week.

The U.S. economic data slate is mainly empty on Monday.

In the bond markets, United States 10-year rates are at 4.448%, up +0.11%.

Pre-Market U.S. Stock Movers

Microsoft Corporation (NASDAQ:MSFT) gained over +2% in pre-market trading after appointing Sam Altman, the co-founder of OpenAI who was ousted from his startup last week, to lead its in-house artificial intelligence team.

MediciNova Inc (NASDAQ:MNOV) surged about +18% in pre-market trading after announcing positive results from a Phase 2 clinical study of MN-166 in glioblastoma patients.

Full Truck Alliance Co Ltd ADR (NYSE:YMM) climbed over +4% in pre-market trading after the company reported upbeat Q3 results.

Boeing Co (NYSE:BA) rose more than +1% in pre-market trading after Deutsche Bank upgraded the stock to Buy from Hold.

Chegg Inc (NYSE:CHGG) slid over -3% in pre-market trading after Morgan Stanley downgraded the stock to Underweight from Equal Weight.

Dutch Bros Inc (NYSE:BROS) gained more than +3% in pre-market trading after JPMorgan upgraded the stock to Overweight from Neutral.

Today’s U.S. Earnings Spotlight: Monday – November 20th

Agilent Technologies (A), Keysight Technologies (KEYS), Symbotic (SYM), Zoom Video (ZM), Legend Bio (LEGN), Bellring (BRBR), Golub (GBDC), Central Garden&Pet (CENT), Mueller Water Products (MWA), Enlight Energy (ENLT), Fidelis Insurance Holdings (FIHL), FinVolution Group (FINV).

ANALYST RECOMMENDATIONS

Airbnb: Baptista Research downgrades to hold from underperform with a target price of $143.60.

Applied Materials: DZ Bank AG Research downgrades to hold from buy with a price target reduced from $165 to $145.

Caterpillar: HSBC initiates a Hold recommendation with a target price of $250.

Compass Group: Morningstar downgrades to hold from buy with a target price of $27.80.

Costco Wholesale Corporation: Loop Capital Markets maintains its buy recommendation and raises the target price from $630 to $660.

Crowdstrike Holdings: Morgan Stanley maintains its market weight recommendation and raises the target price from $175 to $187.

Cvs Health Corporation: Baptista Research upgrades to outperform from buy with a price target reduced from $91.90 to $82.90.

Enphase Energy: Morgan Stanley maintains its market weight recommendation and reduces the target price from $135 to $94.

Mondelez International: Baptista Research maintains its hold recommendation with a price target reduced from $81.10 to $74.30.

Morgan Stanley: BNP Paribas Exane downgrades to neutral from outperform with a price target reduced from $110 to $85.

Msci: Baptista Research maintains its hold recommendation with a price target raised from $545.10 to $561.30.

Netflix: Guotai Junan Securities Co., Ltd. initiates an overweight recommendation with a target price of $544.

Nutrien: HSBC maintains its hold recommendation with a price target reduced from $72 to $63.

Paycom Software: Baptista Research upgrades to outperform from buy with a price target reduced from $391.10 to $210.

Qualcomm: Baptista Research downgrades to hold from buy with a price target raised from $140.50 to $148.50.

Sirius Xm Holdings: Baptista Research downgrades to underperform from outperform with a price target raised from $5 to $5.40.

The Home Depot: Daiwa Securities maintains a neutral recommendation with a price target reduced from $328 to $313.

Transunion: Redburn Atlantic maintains its buy recommendation and raises the target price from $53 to $70.

Unitedhealth Group: Jefferies maintains its hold recommendation with a price target reduced from $565 to $503.

Walmart: CTBC Securities Investment Service Co LTD downgrades to neutral from add with a price target reduced from USD 173 to USD 160.

Zebra Technologies Corporation: Baptista Research upgrades to outperform from hold with a price target reduced from USD 298 to USD 251

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