The NAHB/Wells Fargo National Housing Market Index (HMI) printed at 46.0 for November, up from 43.0 in October and better than the 44.5 consensus forecast compiled by FactSet. Still, the HMI remains in contraction territory. But, as Raymond James Chief Economist Eugenio J. Alemán notes, it's up seven points compared to 39.0 in August.

Nvidia’s earnings promise to be the main event for investors this week, as the chip maker powering the artificial-intelligence revolution gives a quarterly update on its progress. Last quarter, Nvidia put up sales and earnings that more than doubled from the previous year and beat expectations.