Last week presented several tradeable moves in the overall market, with the S&P 500 ($SPX) (SPY) ending on a positive note, up 0.83% driven by strong preliminary GDP numbers of 5.2%. In the midst of these market gains, some companies initiated another round of layoffs, signaling potential company restructuring. As we enter a new week, investors will closely monitor upcoming earnings reports, economic data releases, and energy news developments. Here are five key factors to watch in the market this week.

Earnings Season Continues:
The trading cycle this week will still feature a few significant earnings reports, though the number of market-moving companies has significantly reduced. On Tuesday, AutoZone (AZO) will be reporting, shedding light on the outlook for the automotive markets, which is a crucial segment of the economy. Gamestop (GME) will report on Wednesday after the market closes, potentially generating interest due to its passionate following. Finally, Dollar General (DG) will report on Thursday before the market opens, offering insights into purchasing trends and the overall state of the economy.

JOLTS Job Openings Report:
Scheduled for release later this week, the Job Openings and Labor Turnover Survey (JOLTS) report is anticipated to provide valuable insights into the health of the job market. If the report indicates an increase in job openings compared to the previous month, it could be interpreted positively as a sign of a loosening job market. Conversely, a miss in job openings may suggest that employment conditions remain tight, necessitating further actions by the Federal Reserve.

Crude oil inventories:
On Wednesday at 10 am Eastern Time, the Crude Oil Inventories report will be released. Although it may not directly impact the overall market, it remains an important indicator to monitor. Following OPEC+'s decision to reduce oil output, if the inventories number shows a draw, it could lead to an increase in oil prices. This, in turn, may result in higher gas prices and goods prices as the Christmas season approaches.

Unemployment Claims:
Unemployment claims data will be released on Thursday morning, providing crucial insights into the state of employment in the country. Recent releases have shown upward revisions in the following month. Should this trend continue, it may signal that the economy is in a worse shape than anticipated. A significant miss in unemployment claims, however, could prompt a market rally, similar to the reaction following the last GDP report. Alternatively, if unemployment claims exceed expectations, it may lead to a market slump, indicating a weak economic situation.

Unemployment Rate and Employment Statistics:
Friday at 8:30 Eastern Time will bring the release of the Average Hourly Earnings, Non-Farm Payroll, and Unemployment Rate. These statistics offer a comprehensive view of employment trends in the US. If these figures surpass estimates, it may trigger a market rally. Conversely, if there is a miss, particularly in the unemployment rate, it could result in a market sell-off, reflecting concerns about weak economic data.

As the week progresses, market participants will closely monitor these indicators and their potential impact on the overall market. Investors and traders are advised to stay informed and consider these key factors when making their financial decisions.