Monday's Market Minute: This Week: Inflation, Consumer Spending Data & Earnings!

The focus this week will primarily be on economic data, with the Consumer Price Index (CPI) scheduled for Tuesday at the top of the list of potential market movers. Expectations are for the CPI M/M numbers to tick up to 0.5% from -0.1% while the Y/Y is expected to show further easing, this month back to 6.2% down from the prior at 6.5%. In addition to CPI, we also have a Producer Price Index (PPI) and Retail Sales. Thursday, keep an eye on the weekly Jobless Claims. We have some housing numbers, Loretta Mester speaking Thursday, and lastly OPEC will release their monthly oil reports.

In terms of companies reporting quarterly results this afternoon, keep an eye on Avis (CAR) and Arista (ANET). Tomorrow, we have Coca-Cola (KO), Marriott (MAR), Airbnb (ABNB), and TripAdvisor (TRIP). Later in the week, the focus will be on Cisco (CSCO), Shopify (SHOP), Roku (ROKU), Twillio (TWLO), Crocs (CROX), Deere (DE), and DraftKings (DKNG).

Lastly, don't lose sight of crude oil – back to $80 a barrel last week in the WTI, and the Brent topped out around $87. We all know rising crude oil prices feed directly into inflationary pressures the Fed has been forced to deal with over the last year or so. AAA reports the national average for a gallon of gas is at $3.41, up from $3.28 a month ago. Last week’s decision from Russia to cut output by 500,000 barrels per day beginning in March is supporting higher prices. We’ve also seen rates inching back up – the 2-year is back to 4.5% – and the two combined could start to create headwinds for the indices again if it continues.

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