A sizzling hot inflation report and the start of earnings season are highlights of the week ahead.
Investors will also keep their focus on developments in Ukraine during the four-day trading week, shortened because of the Good Friday holiday. JPMorgan and BlackRock start the earnings season off Wednesday, followed by Goldman Sachs, Wells Fargo and Citigroup, among others on Thursday.
Tuesday's March consumer price index is expected to top the 7.9% jump in February, and it could mark the peak inflation rate. In the past week, bond yields continued to rise sharply, and that may continue into the CPI report.
"I suspect at the end of next week, with the long weekend ahead, people will want to cut risk, but I suspect it could be a pretty rocky ride with CPI before we see that," said one strategist.
Russia's invasion of Ukraine has roiled markets and sent commodities prices sharply higher, but it has also accelerated the already underway move away from globalization. CNBC Pro takes an in-depth look this weekend at the pains and profits that could result from the deglobalization shift, as companies focus more on their home markets and reassess in what parts of the world they want to do business.
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