To The Moon

All eyes now turn to Federal Reserve Chair Jerome Powell’s speech on Wednesday at the Brookings Institution, the last speech before the Fed's next rate setting meeting in mid-December. However, "it is unclear what more Powell could say that we have not heard from recent Fedspeakers," wrote Andrew Tyler, head of US Market Intelligence at J.P. Morgan. "While a Fed pivot is currently off the table, investors looking for a pause are unlikely to find that support from Powell this week."

Meanwhile, investors are also bracing for a jam-packed week of economic data. On Tuesday, data from S&P CoreLogic Case-Shiller National Home Price Index showed that U.S. home prices fell 1% in September from August, posting a third consecutive monthly decline. The slowdown comes as mortgage rates have surged to near 7% from lows near 3% in just 10 months.

The Conference Board's Consumer Confidence Index, the latest indicator of the strength of the U.S. economy, fell to 100.2 in November from a revised 102.2 reading in October, while economists surveyed by Bloomberg called for a drop to 100.

In corporate news, Apple (AAPL) fell more than 2% Tuesday following turmoil at the world’s largest iPhone factory in Zhengzhou. The unrest in China further sparked fears of a shortfall of close to 6 million iPhone Pro units this year, Bloomberg reported.

Apple also found itself at the wrong end of Elon Musk's ire, as the billionaire owner of Twitter is picking a fight with the tech giant. Musk has targeted the company over its ad spending on Twitter and raised the prospect of a bigger battle over Twitter’s availability on the Apple App Store.

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