Market Overview: Indices Climb, But All Eyes on Inflation This Week
U.S. equity markets posted solid gains last week, supported by a stronger-than-expected May jobs report. Tech outperformance led the rally, with gains from Nvidia, Meta, and Apple. Weakness persisted in consumer staples and utilities, with each declining.
This week’s central focus is inflation. Wednesday’s CPI and Thursday’s PPI releases will shape expectations ahead of the June 17–18 FOMC meeting. Market participants will also digest major earnings reports from Oracle, Adobe, and GameStop—key signals on AI infrastructure, software demand, and retail health.
Key Events by Day: Inflation, Jobs Data, and Big Tech Earnings Take the Spotlight
Tuesday (June 10):
• GameStop (GME) Earnings – After Close – Est. $0.08 EPS on $754.23M revenue; focus on digital strategy, inventory, and holiday season commentary
Wednesday (June 11):
• 12:30 GMT – Consumer Price Index (CPI): Forecast 0.2% MoM, 2.3% YoY
• 12:30 GMT – Core CPI: Forecast 0.3% MoM
• Oracle (ORCL) Earnings – After Close – Est. $1.64 EPS on $15.54B revenue; watch cloud/IaaS, RPO, Cerner integration, and FY26 guidance
Thursday (June 12):
• 12:30 GMT – Producer Price Index (PPI): Forecast 0.2% MoM
• 12:30 GMT – Core PPI: Forecast 0.3% MoM
• 12:30 GMT – Initial Jobless Claims: Forecast 251,000
• Adobe (ADBE) Earnings – After Close – Est. $4.97 EPS on $5.8B revenue; key drivers: Creative Cloud ARPU, Firefly AI monetization, and Experience Cloud
Friday (June 13):
• 14:00 GMT – Univ. of Michigan Consumer Sentiment: Forecast 52.0
• 14:00 GMT – Inflation Expectations: Previous 6.6%
Technical Outlook: Key Levels Hold—Can Bulls Push Through Resistance?
S&P 500: Near a key inflection at the 6,000 level. Strong support above the long-term 52-week moving average at 5,736.80 and room to retest recent highs at 6,147.43. A clean break above 6,000 could trigger momentum-driven buying.
Dow: Holding above long-term 52-week moving average. Next resistance at 45,073.63. Structure suggests continuation unless key support at 41,924.91 is violated with conviction.
Nasdaq: Recovery above 52-week moving average at 18,357.27 with resistance at 20,204.58.
Outlook: Major Catalysts Collide—Data and Earnings Set the Market Tone
Markets enter the week on solid footing, but inflation data will dictate direction. CPI and PPI prints carry the most weight, especially Core CPI’s potential 0.3% MoM rise. Earnings from Oracle and Adobe are key gauges for enterprise AI and software demand. GameStop’s report may generate retail-driven volatility, but lacks macro relevance.
A CPI beat could reignite rate hike fears, especially with inflation expectations still elevated. The S&P 500’s action around 6,000 will act as a short-term barometer for market conviction. Traders should prepare for sharp reactions around data releases and post-earnings moves in mega-cap tech.
More Information in our Economic Calendar.
