Gotrade News - Wall Street heads into the week of November 9 to 13, 2026 on shakier footing. October inflation data and a run of AI-linked earnings will be the main tests for direction.
- October CPI lands Tuesday and will shape expectations for December's Fed decision.
- CoreWeave and Applied Materials earnings extend the test of the AI trade.
- US bond markets close Wednesday for Veterans Day, while stock markets stay open.
According to FXEmpire, the Nasdaq Composite fell 3.37% last week and the S&P 500 lost 2.68%. Technology stocks led the decline as concerns grew about how AI data centers are being funded.
The labor market, meanwhile, held up well in October. According to FXEmpire, Non-Farm Payrolls rose by 165,000 and the unemployment rate fell to 4.1%.
A strong economy is usually good news. With inflation still sticky, though, it also leaves the Federal Reserve room to raise rates again.
This Week's Economic Agenda
Inflation data is the main event. Here is the US data calendar for the week, in US Eastern Time (ET):
- Monday, November 9, 10:00 a.m.: September wholesale inventories.
- Tuesday, November 10, 8:30 a.m.: October CPI and real earnings.
- Wednesday, November 11: Veterans Day, with bond markets closed and stock markets open.
- Thursday, November 12, 8:30 a.m.: weekly initial jobless claims.
- Friday, November 13, 8:30 a.m.: October PPI.
According to FXEmpire, markets expect October CPI to rise 0.3% month over month, slowing from 0.6% in September. Core CPI is forecast to rise 0.2%, down from 0.3% the month before.
For PPI, FXEmpire lists a forecast of a 0.4% monthly increase. Together, the two reports will show whether price pressures are easing or holding firm.
Thursday's jobless claims will round out the labor market picture. A continued low reading would reinforce the view that the US economy is not slowing.
The Fed backdrop raises the stakes. On October 28, the Fed held its policy rate at 3.75% to 4.00%, with two FOMC members voting for a 25 basis point hike.
According to FXEmpire, futures markets now price roughly an 80% chance of a hike at the December 8-9 meeting. A CPI print that misses forecasts in either direction could move that expectation sharply.
Several Fed officials are also scheduled to speak, according to the Federal Reserve Board's official calendar:
- Tuesday, November 10: Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman, both on the economic outlook.
- Thursday, November 12: Governor Michael Barr on artificial intelligence and inequality.
- Friday, November 13: Vice Chair Philip Jefferson on productivity and new technology.
Their remarks may offer further hints on policy once the CPI numbers are out.
This Week's Earnings Calendar
Third-quarter earnings season is in its final stretch. According to FactSet as of November 6, 2026, 88% of S&P 500 companies have reported and the blended Q3 earnings growth rate stands at 31.4%.
Here is when some of the week's larger companies report, with consensus EPS estimates from Nasdaq.com:
- Constellation Energy (CEG), Monday, November 9, before the open: EPS of US$3.90. The market will read the report for signs of power demand from data centers.
- Occidental Petroleum (OXY), Monday, November 9, after the close: EPS of US$1.43. Production volumes and the impact of oil prices are the focus.
- CoreWeave (CRWV), Tuesday, November 10, after the close: a loss of US$1.45 per share. Contract backlog and data center capital spending plans will be in focus.
- Applied Materials (AMAT), Thursday, November 12, after the close: EPS of US$4.06. The market will read it for chip equipment demand, including for AI and memory.
Other reports scheduled this week:
- Take-Two Interactive (TTWO) and Rocket Lab (RKLB), Monday, November 9, after the close.
- Sea Limited (SE), Tuesday, November 10, before the open.
- Nebius (NBIS), Thursday, November 12, before the open.
- Cisco (CSCO), Thursday, November 12, after the close, with attention on networking orders tied to AI infrastructure.
For the AI trade, the CoreWeave and Applied Materials reports arrive at a sensitive moment. Both will be read as clues to whether data center spending is holding up through the tech pullback.
Market Sentiment
The main story right now is a retest of the AI trade. Investors are asking how quickly heavy data center spending can turn into profit.
At the same time, the US economy remains strong and inflation has not fully cooled. That mix has put the risk of another Fed rate hike back at the center of the conversation.
US Treasury yields tend to react quickly to inflation data. Rising yields often weigh on tech valuations, which lean heavily on future earnings growth.
FXEmpire also points to political risk. Democratic gains in Congress and in key governors' races could bring tighter rules and permitting delays for data center construction.
In this setting, volatility may pick up around the CPI release and the AI-linked earnings reports. Here are the two main scenarios to prepare for:
- CPI below forecast: pressure for a rate hike could ease, and sentiment toward tech may improve.
- CPI above forecast: the case for a December hike strengthens, and volatility could continue.
With most S&P 500 companies already reported, attention is likely to shift toward macro data. The Fed's policy path may become the main driver over the next few weeks.
Strong S&P 500 earnings growth is still supporting the market. This week should show whether investors focus on fundamentals or on interest rate risk.
Keep an eye on each release and make decisions that fit your own risk profile.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Sources
FXEmpire, The Week Ahead: CPI and Tech Earnings Test a Fragile Stock Market, 2026
Federal Reserve, Federal Reserve issues FOMC statement, 2026
Federal Reserve, November 2026 Calendar, 2026
FactSet, S&P 500 Earnings Season Update: November 6, 2026, 2026
Nasdaq, Earnings Calendar, 2026
