Investors will be talking inflation again next week with the latest read on consumer prices due to arrive on June 10. Economists anticipate that headline inflation will be 8.2% Y/Y for May vs. 8.3% in April and see core CPI after backing out food and energy costs trickling down to 5.9% from 6.2%.
Some analysts are holding open the possibility of a relief rally if there is no upside CPI surprise. “Investors are in a more constructive place, and that can carry through if CPI is anywhere near consensus or better,” noted National Securities Chief Strategist Art Hogan.
Notable companies due to report earnings next week include Campbell Soup (CPB), Nio (NYSE:NIO), and DocuSign (DOCU). Investor events are on taps for AMD (NASDAQ:AMD), Wendy’s (WEN), and MongoDB (NASDAQ:MDB). In the tech sector, Apple’s (AAPL) developer conference will be in the spotlight and Facebook parent Meta Platforms (FB) will change its ticker from to META to better reflect its new focus.