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Earnings and economic data: What to know this week

Yahoo Finance’s Alexandra Semenova joins the Live show to preview the latest earnings and economics data.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. All eyes on inflation ahead of the latest CPI print release this week, as investors look to get the latest gauge on how quickly prices are rising in the nation. For more on what to watch this week, we've got Yahoo Finance's Alexandra Semenova. Alexandra, what are we keeping an eye on?

ALEXANDRA SEMENOVA: Well, guys, a little bit of a lighter calendar this week in terms of earnings and economics data, but making up for that is the big May CPI report due out Friday. And that's going to be top of mind for investors this week. And Wall Street will be looking in that report for signs that inflation has peaked.

The Consumer Price Index for May is expected to come in slightly cooler from last month, where consensus estimates are looking for a rate of about 8.2%, just below April's 8.3% and below that red hot print in March of 8.5%. So if that comes in line with expectations, that could provide some relief for markets.

We have the indexes today trying to come back from last week's losses after strong jobs data renewed worries about interest rates. So if the CPI continues to show a downward trend, it could perhaps be a sign for investors that the Fed might cool off of rate hikes in the autumn months. And perhaps, investors could be optimistic about that pause again in September.

And of course, speaking of the Fed, officials are also in a blackout period this week ahead of that June 14 meeting. So we'll hear a bit of a silence on Fed speak this week. It could be nice for investors, who've been getting a lot of market moving comments recently.

BRIAN SOZZI: Yeah, after that challenging May, we'll take anything at this point. What else are you watching?

ALEXANDRA SEMENOVA: Well, another thing to look out for is more remarks from corporate leaders about the economy. Over the weekend, we had former CEO-- Goldman CEO Lloyd Blankfein urging a dial back of negative comments about the economy. This, of course, came after remarks from Elon Musk indicating that he has a super bad feeling about what's next and Jamie Dimon's comments about an economic hurricane ahead, really weighing on investor sentiment last week. So, very likely, we'll see more of these top leaders coming out this week with their takes.

BRAD SMITH: All right, lots to keep an eye on this week. Thanks so much for breaking it down for us this morning.