The stock market opens the last week of November at yet another record. Wall Street will be watching the changing of the guard at the Federal Reserve and a few key economic data points to set the tone for the week. Plus: How far will bitcoin mania go?

A new Fed chief

Tuesday is the Senate confirmation hearing for Jerome Powell, President Donald Trump's nominee to head the U.S. central bank. We'll get to hear Powell's ideas on monetary policy, banking regulation and his general approach to run one of the most important institutions in the world. Confirmation hearings are often unpredictable. While Powell could face some scrutiny, particularly from Republicans who don't care for the central bank to begin with, and Democrats who want a tighter rein on Wall Street, Powell's confirmation is all but assured.

Jerome Powell, governor of the U.S. Federal Reserve and President Donald Trump's nominee as chairman of the Federal Reserve, arrives to a nomination announcement in the Rose Garden of the White House in Washington, D.C., on Thursday, Nov. 2, 2017. Olivier Douliery | Bloomberg | Getty Images

However, the market will be watching closely for clues on how Powell, currently a Fed governor, will approach the position. A day later, current Chair Janet Yellen will talk to Congress as part of her semiannual testimony, with the focus being an update on how the economy is doing. Expect Yellen to discuss where the Fed stands in its quest to normalize monetary policy — and to deliver something of a valedictory on her nearly four years in charge. There are a bunch of other Fed speeches scheduled: Minneapolis Fed President Neel Kashkari and New York's William Dudley on Monday, Dudley and Philadelphia President Patrick Harker on Tuesday, Dudley yet again on Wednesday, Fed Governor and newest central bank official Randal Quarles, along with Dallas President Robert Kaplan, on Thursday, and St. Louis Fred President James Bullard, Kaplan and Harker on Friday.

Key economic data points

There's only a smattering of data points this week, and contrary to what you might expect, there will be no jobs report. The Labor Department usually releases its nonfarm payrolls count on the first Friday of the month, except when it falls on the first of the month. So, no jobs Friday this week, but there will be some other economic news investors should be watching. Housing will be the focus. Tuesday's number is the most closely watched, as that is when the Case/Shiller home price index is released. In addition, Monday will see new home sales while Wednesday is pending home sales. Also, Wednesday will feature the revised count for second-quarter GDP growth, with the number likely more than 3 percent. In other data, Friday will see the key ISM manufacturing index and construction spending, consumer confidence is on Monday, and Thursday features the usual weekly jobless claims.

Dado Ruvic | Reuters

The last word