The Week Ahead: Markets Focus on CPI and Earnings This Week

Market Overview

U.S. stocks closed lower last week despite all three major averages reaching record highs during the period. The Dow Jones Industrial Average finished at 50,866.79, down 0.32% for the week after closing at an all-time high on Thursday. The S&P 500 declined 2.59% to 7,383.74, snapping a nine-week winning streak, while the Nasdaq Composite dropped 4.68% to 25,709.43.

The week’s price action reflected a change in market leadership. Technology and semiconductor stocks, which had powered much of the market’s advance in recent months, came under pressure as investors locked in gains following an extended rally. Broadcom’s earnings report and its unchanged AI chip outlook sparked initial weakness in the semiconductor space, leading traders to reassess crowded positions across the sector.

Selling intensified on Friday following a stronger-than-expected May employment report. Nonfarm payrolls increased by 172,000, significantly above expectations for 80,000 jobs, reinforcing the view that the labor market remains resilient. The report pushed Treasury yields sharply higher, with the 10-year yield moving above 4.5% and the 30-year yield climbing above 5%, fueling concerns that the Federal Reserve may need to maintain restrictive policy for longer or potentially consider additional tightening.

The Nasdaq Composite fell 4.18% on Friday alone, marking its largest single-day decline since April 2025. The iShares Semiconductor ETF dropped 10%, its worst session since March 2020. Broadcom lost nearly 8%, while AMD, Intel, Micron Technology, and Marvell Technology posted steep losses as investors reduced exposure to AI-related momentum trades.

Underneath the surface, capital rotated into more defensive areas of the market. Consumer staples and healthcare stocks outperformed as investors sought companies with stable earnings profiles. The Dow’s relative resilience throughout most of the week reflected this shift away from high-growth technology shares. The market enters the new week focused on inflation data and whether Friday’s rise in yields represents a temporary adjustment or a more sustained move toward a higher-for-longer rate environment.

Economic Releases & Notable Earnings

Monday, Jun. 8

Before the Open:
• Graham (GHM), est. EPS $0.29
• Campbell’s Company (CPB), est. EPS $0.48

Economic Releases:
• No releases scheduled.

After the Close:
• Mission Produce (AVO), est. EPS $0.05
• Vail Resorts (MTN), est. EPS $8.99

Tuesday, Jun. 9

Before the Open:
• Academy Sports + Outdoors (ASO), est. EPS $0.91
• J.M. Smucker (SJM), est. EPS $2.64
• SailPoint (SAIL), est. EPS $0.04
• United Natural Foods (UNFI), est. EPS $0.76

Economic Releases:
• 06:00 GMT – NFIB Small Business Index, forecast 96.0 (prior 95.9)
• 08:15 GMT – ADP Employment Change, prior 35.8K
• 08:30 GMT – Trade Balance, forecast -55.2B (prior -60.3B)
• 10:00 GMT – Existing Home Sales, forecast 4.08M (prior 4.02M)
• 10:00 GMT – Final Wholesale Inventories m/m, forecast 0.6% (prior 0.5%)
• 16:30 GMT – API Weekly Statistical Bulletin

After the Close:
• Casey’s General Stores (CASY), est. EPS $3.31
• Cracker Barrel (CBRL), est. EPS -$0.45
• Suja Life (SUJA), est. EPS $0.20

Wednesday, Jun. 10

Before the Open:
• Chewy (CHWY), est. EPS $0.24

Economic Releases:
• 08:30 GMT – Core CPI m/m, forecast 0.5% (prior 0.4%)
• 08:30 GMT – Core CPI y/y, forecast 2.9% (prior 2.8%)
• 08:30 GMT – CPI m/m, forecast 0.3% (prior 0.6%)
• 08:30 GMT – CPI y/y, forecast 4.2% (prior 3.8%)
• 10:30 GMT – Crude Oil Inventories, prior -8.0M
• 13:01 GMT – 10-Year Treasury Auction, prior 4.47|2.4
• 14:00 GMT – Federal Budget Balance, prior 215.0B

After the Close:
• Oracle (ORCL), est. EPS $1.96
• Navan (NAVN), est. EPS $0.01
• Oxford Industries (OXM), est. EPS $1.29
• Stitch Fix (SFIX), est. EPS -$0.06

Thursday, Jun. 11

Before the Open:
• Lovesac (LOVE), est. EPS -$1.05

Economic Releases:
• 08:30 GMT – Core PPI m/m, forecast 0.5% (prior 1.0%)
• 08:30 GMT – PPI m/m, forecast 0.7% (prior 1.4%)
• 08:30 GMT – Unemployment Claims, prior 225K
• 10:30 GMT – Natural Gas Storage, prior 95B
• 13:01 GMT – 30-Year Treasury Auction, prior 5.05|2.3

After the Close:
• Adobe (ADBE), est. EPS $5.81
• Lennar (LEN), est. EPS $1.25
• RH (RH), est. EPS -$2.09

Friday, Jun. 12

Before the Open:
• No reports scheduled.

Economic Releases:
• 10:00 GMT – Preliminary University of Michigan Consumer Sentiment, forecast 46.6 (prior 48.2)
• 10:00 GMT – Preliminary University of Michigan Inflation Expectations, prior 4.5%

After the Close:
• No reports scheduled.

Central Bank Activity

No Federal Reserve speakers are scheduled this week.

Even without Fed commentary, inflation data will heavily influence expectations surrounding the policy outlook. Following Friday’s strong employment report, markets remain highly sensitive to any signs that price pressures are becoming more persistent.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 50,866.79 (-0.32%), support at 50,184.49, 49,836.15, 48,358.84, 47,579.67, 47,141.95 (52-week SMA), resistance at 51,660.40.

Weekly Nasdaq Composite Index (IXIC)

Nasdaq: 25,709.43 (-4.68%), support at 23,940.23, 23,173.24, 22,770.57 (52-week SMA), resistance at 27,190.21.

Weekly S&P 500 Index (SPX)

S&P 500: 7,383.74 (-2.59%), support at 7333.68, 6,968.91, 6,815.03, 6,735.61 (52-week SMA), resistance at 7,620.90.

All major indices remain above rising 52-week SMAs, confirming an intact primary uptrend.

Outlook

Inflation data will set the tone for markets this week. Wednesday’s CPI report and Thursday’s PPI data will help determine whether Friday’s surge in Treasury yields and rising rate hike expectations are justified. Following stronger-than-expected payroll growth, investors will closely monitor whether inflation pressures continue to build.

Oracle and Adobe headline the earnings calendar and will provide insight into enterprise technology spending and demand tied to AI initiatives. After last week’s sharp selloff in semiconductor stocks, traders will be watching for signs that leadership within technology can stabilize. Earnings from Lennar, J.M. Smucker, Campbell’s, and Chewy may also offer a broader read on housing activity and consumer spending trends.

The key question for markets is whether last week’s weakness represented healthy profit-taking within an ongoing bull market or the beginning of a broader reassessment of valuations in a higher-rate environment. Inflation data and corporate results should provide important clues in the days ahead.

More Information in our Economic Calendar.