ECONOMIC WEEK AHEAD: June 8-12

The week ahead is dominated by inflation prints. The May CPI (Wed) and PPI (Thu) top the calendar. From a consumer perspective, we will also see the NY Fed's consumer inflation expectations survey (Mon) and the University of Michigan’s preliminary sentiment release (Fri). The “Federal Open Mouth Committee” is in the blackout period ahead of next week's committee meeting—i.e., the talking Fed heads won't be talking. The Bank of Canada meets on Wednesday and is expected to hold its overnight rate steady at 2.25%. Most importantly, the SpaceX IPO will continue to dominate headlines, with the company's stock set to begin trading on Friday.

The S&P 500 closed Friday at 7,383.74, 7.7% above its 200-day moving average (chart). The equal-weight index closed at 8,398.26, also well above its 200-dma. Friday's session retreated after a much stronger-than-expected May payrolls gain of 172,000, which increased the odds of a Fed rate hike in coming months. The broad uptrend in stock prices remains intact across both market-cap and equal-weight measures.