Consumer inflation is the big report for markets in the week ahead, as investors watch to see whether the late May rally could resume. Strategists say May's consumer price index, released Friday, is key since it could show that inflation has peaked.
There are few earnings reports but investors will be watching for any warnings from companies ahead of the next earnings season after Microsoft's disclosure that negative foreign exchange impact would reduce its forecasted revenues.
Liz Ann Sonders, Charles Schwab's chief investment strategist, called the late May surge a "bear market rally" and said the "sentiment environment is not universally bearish enough yet."
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