Investors focus on May PCE inflation figures and Micron’s quarterly results after Fed’s hawkish shift and mixed economic signals.
Markets enter the week with heightened scrutiny on May PCE data, the Federal Reserve’s preferred inflation gauge, due Thursday. The report follows hotter-than-expected consumer and wholesale price readings, adding pressure to assess the Fed’s next moves amid recent hawkish rhetoric.
The Nasdaq Composite rose 2.7% for the week, outpacing the S&P 500’s 1.4% gain and the Dow Jones Industrial Average’s 1.4% advance. Semiconductor stocks surged, with Intel, Micron, and Taiwan Semiconductor hitting record highs ahead of Micron’s earnings on Wednesday, a key barometer for the sector’s health.
Additional data releases include manufacturing activity reports from S&P Global, the Richmond Fed, and the Kansas City Fed, alongside the University of Michigan’s consumer confidence survey. These will provide further insight into economic momentum and inflation expectations.