Morning Brief: It's a big week for retail

Monday, November 13, 2017

What to watch today

After the S&P 500 and Dow each finished higher for eight consecutive weeks, this past week saw the indexes lose ground, even if only by a bit. When the dust settled, the Dow lost about 0.5% while the S&P and tech-heavy Nasdaq slipped 0.2%. Will the stock markets keep selling? History shows that the market isn’t without its bouts of volatility.

This week, investors will also keep an eye on progress in Washington, D.C. on tax reform, which this past week saw Senate Republicans unveil their own version of a plan to cut taxes for businesses and some Americans.

In the week ahead, the retail sector will be the key for investors with the October report on retail sales and major earnings in the space serving as catalysts. Notable earnings this week will include Home Depot (HD), Walmart (WMT), TJ Maxx parent company TJX (TJX),  Target (TGT), Victoria’s Secret parent company L Brands (LB), Cisco (CSCO), Tyson Foods (TSN), Viacom (VIAB), Best Buy (BBY), The Gap (GPS), and Foot Locker (FL).

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Top news

GE’s new chief sets focus on three key units: General Electric Co.’s new leader plans to unveil a road map Monday for the conglomerate that will focus on aviation, power and healthcare, but stops short of a breakup or more radical restructuring of the 125-year-old giant. [The Wall Street Journal]

Uber seals multibillion-dollar investment from Softbank: The move clears the way for Uber, among the most valuable tech firms in the world, to sell stock to the public. Under the deal, the initial public offering will take place before the end of 2019. [AP]

Qualcomm draws up plans to rebuff Broadcom’s offer: U.S. chipmaker Qualcomm Inc. is making preparations to reject rival Broadcom Ltd’s  $103 billion bid as early as this week, sources said, setting the stage for one of the biggest-ever takeover battles. [Reuters]

The U.S. yield curve is flattening and here’s why it matters:  The world’s biggest bond market is sending a signal that traders can’t ignore. The longer the trend continues, the more likely its effects could spread to bank earnings and the real economy, while at the same time it would limit the Fed’s ability to respond when these risks emerge. [Bloomberg]

Bitcoin plunges 29% from record high: Bitcoin slumped as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 500 percent surge this year. [Bloomberg]

How young consumers fueled Alibaba’s 90% in mobile Singles Day sales: Millions of Chinese consumers spent a jaw-dropping $25.4 billion on Alibaba’s shopping bonanza, Singles Day. Now in its ninth year, the world’s largest shopping holiday on Nov. 11 broke its record, growing 43% from last year’s $17.8 billion. [Yahoo Finance]

Yahoo Finance Originals

How to explain the surprisingly strong Obamacare signups

Disney’s new streaming service shouldn’t scare Netflix

How your taxes could change next year

Setting a budget for holiday spending

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.