Another weekly loss for Wall Street means the ASX faces fresh headwinds at the start of the new trading week.

Economic Calendar and News

The Reserve Bank of Australia will publish the minutes from its most recent Board meeting on Tuesday. 

Following the central bank decision to lift interest rates by 25 basis points, the official cash rate is 3.1%. Observers will be scrutinising the wording in the minutes for clues on what it might take for the RBA to pause' its rate hike program, as well as how soon after the bank reconvenes in February that such a pause might be likely.

In the US, look out for the latest data on building permits, housing starts, existing home sales, personal income and spending, durable goods orders, the Current Account, and a final reading on third-quarter GDP.

Economists expect the consumer confidence index to increase after hitting a four-month low in November, while personal income and spending data takes on extra significance after two successive monthly results where pricing pressure was seen to be easing.

Stocks on watch

Tesla (NASDAQ: TSLA) shares continue to face ongoing headwinds, hitting a two-year low last week. That follows additional share sales by Elon Musk. The entrepreneur, never shy from controversy, sold US$3.6 billion worth of Tesla shares last week between Monday and Wednesday.

After Musk fourth sale of Tesla stock in 2022, he has now disposed of around US$40 billion worth of shares in the electric vehicle manufacturer. Back in April this year Musk indicated there would be no further Tesla sales to support the deal. However, with ongoing struggles at the social media firm, it appears Musk is now ready to continue throwing money at the company amid sky-high interest repayments on the company debt.

Another US stock that might remain in focus over the coming days is pharmaceutical major Moderna (NASDAQ: MRNA). The company put in a standout showing last week following the release of positive results from a trial of its experimental melanoma vaccine. 

The results showed that when combined with Merck Keytruda cancer treatment, the drug candidate reduced the risk of a cancer recurrence or death by 44%.

Closer to home, there may be some extra discussion in the property space, which could flow through to names like Domain Holdings (ASX: DHG) and REA Group (ASX: REA). Although there were some promising signs last month when clearance rates were showing improvement, clearance rates hit a five-month low over the weekend. Rising interest rates continue to weigh on the broader housing market, with both vendors and buyers sharing concerns.