Stocks ticked up as investors prepared for a slate of inflation data later in the week and braced for the start of the second-quarter earnings season.
The consumer price index report is due Wednesday, followed by the producer price index — a measure of wholesale price pressures — out Thursday. This week's inflation data follows a jobs report released last week that raised concern over the potential for more Federal Reserve rate hikes.
Last week, the S&P 500 pulled back 1.16%, while the Nasdaq Composite and Dow fell 0.92% and 1.96%, respectively. Despite nonfarm payrolls growing less than expected in June, slightly stronger-than-expected wage growth raised concern over the potential for more Federal Reserve rate hikes. That said, Fundstrat's Tom Lee sees the inflation report coming in lighter than expected, which could spark a rally.
"We thought a tactical sort of opportunity was emerging because last week the market sold off because the jobs report was too strong, yields really popped. So investors are kind of [fearing] Fed higher for longer [and are a] little bearish in to this week, and I think core CPI could come in at 0.
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