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What you need to know this week

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Stocks on Wall Street rallied during a quiet week for economic data, with the Nasdaq Composite rising just under 1% and the S&P 500 popping almost 2%. The Dow Jones Industrial Average also saw gains of more than 2% on the week, closing higher for eight straight sessions.

Looking ahead, investors are keeping an eye on a crucial April inflation reading and an update on retail sales. Initial jobless claims will also be in focus after hitting a surprise nine-month high in the first week of May.

On the corporate side, Walmart, Home Depot, and Alibaba lead a quieter week of quarterly reports as earnings season slows down.

The upcoming release of the April Consumer Price Index (CPI) will provide insight into inflation trends. Wall Street expects an annual gain of 3.4% for headline CPI, with prices set to rise 0.4% on a month-over-month basis. Core inflation, which excludes food and energy prices, is expected to have risen 3.6% year over year.

Analysts at Morgan Stanley believe that inflation’s descent could begin with the April CPI report, potentially keeping three Fed interest rate cuts on the table this year.

Meanwhile, with 92% of the S&P 500 done reporting first-quarter earnings, the index is pacing for its highest year-over-year earnings growth since the second quarter of 2022. The S&P 500 is on pace for earnings growth of 5.4% in the first quarter, excluding a massive earnings miss from Bristol-Meyers Squibb.

As the market reacts to economic data, investors are closely watching for signs of how the US consumer is holding up. The upcoming retail sales report and earnings from Home Depot and Walmart will provide further insight into consumer spending trends.

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