Week Ahead on Wall Street: Don’t Hibernate for the Holidays Just Yet

Estimated reading time: 5 minutes

In a typical year, the week following the final Federal Reserve meeting of the year would mark the beginning of the holiday drift. Trading volumes would start drying up, news flow would slow to a trickle, and investors would essentially pack it in for the year. 

This week, like so much of 2025, won’t be typical, though. Investors are still playing a game of catch-up with economic data, and the government will release jobs numbers and key inflation metrics for November. 

Plus, now that the Fed meeting is behind us, the communications blackout period is over and Fed officials are free to publicly speak about monetary policy and their economic outlooks. We expect a meaningful amount of discussion given the range of views underlying the Fed’s latest decision to lower its benchmark interest rate. (It was a 9-3 vote, and committee members disagreed about where rates could go in 2026).

Dot Plot for 2026 Reveals Deepening Disagreement On Rates

The temptation might be to tune out and look toward the holidays, but the market has a few more hurdles to clear. Between the flood of delayed data and the slate of speeches from Fed officials, this week promises to be an eventful one.

Economic and Earnings Calendar

Monday

• December Empire State Manufacturing Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook. 
• December NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.
• Fedspeak: Fed Governor Stephen Miran will participate in a moderated conversation with former Fed Vice Chair Richard Clarida at Columbia University’s Institute of Global Politics. New York Fed President John Williams will deliver keynote remarks at a New Jersey Bankers Association event.

Tuesday

• November Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month. 
• October Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand. 
• December New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook. 
• December S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.
• Earnings: Lennar (LEN)

Wednesday

• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Fedspeak: Williams will deliver opening remarks at the regional Fed’s FX Market Structure conference. Atlanta Fed President Raphael Bostic will participate in a moderated discussion at the Gwinnett County Chamber of Commerce.
• Earnings: General Mills (GIS), Jabil (JBL), Micron Technology (MU)

Thursday

• November Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers. 
• December Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook. 
• December Kansas City Fed Manufacturing Activity: The Kansas City Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

Friday

• November Existing Home Sales: Most home transactions in any given month tend to come from the existing market, and as a result set the tone for the broader housing market. 
• December University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory. 
• December Kansas City Fed Non-Manufacturing Activity: The Kansas City Fed’s survey of services executives in the region on business conditions and their outlook.
• Earnings: Conagra Brands (CAG), Lamb Weston (LW), Paychex (PAYX)

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