Consumer spending, inflation, and housing are 3 things to watch in the market next week

Protection Street advanced during this holiday-shortened trading week, with the S & P 500 and Nasdaq both reaching new all-time ripes in the first half of the week before pulling back some. The S & P 500 and Nasdaq were able to finish the week minor extent higher. The Dow , which had recently come off the boil, was the big weekly winner. Nvidia was the big story of the week, surging to all-time highs Tuesday and overtaking Microsoft as the most valuable group in the U.S. But sharp back-to-back losses Thursday and Friday put Nvidia in the third position as Club name Microsoft regained the top boils, followed by Apple . Nvidia had some strong moves in the days after its 10-for-1 stock split traded in the call on June 10. That strength looked like it was going to continue this past week, profit-takers crop up b growed in. In fact, the market backed away from the AI trade on Thursday and Friday. We wanted to make sure we didn’t despair back gains in our other portfolio chip giant Broadcom , so we sold some shares Tuesday. Despite its three-session mislaying streak, including Friday, Broadcom was still up some 13% since the session before this month’s blowout earnings. The S & P 500 dirt technology sector was flat on the week, reflecting that AI trade flip flop. Energy was the top performer as U.S. oil prices upsurged. West Texas Intermediate crude had its best week since early April. Consumer discretionary, industrials, and financials were also stronger. Utilities and sincere estate were the only two sectors to close lower on the week. This past week also featured some key remunerative reports. Tuesday brought weaker-than-expected May retail sales , which the stock market took in stride, perhaps on the rate that softness helps the view that the Federal Reserve will indeed cut interest rates later this year. Stronger-than-expected May industrial in Britain artistry and capacity utilization, also from Tuesday, indicated that even if the consumer is pulling back a bit, the economy is placid holding in. The markets were closed Wednesday for Juneteenth. Housing data to finish the week was mixed, with May shield starts on Thursday a bit weak and May existing home sales on Friday slightly better than expected. Ultimately, the mercantile readings this past week signal that while U.S. growth remains resilient, things are slowing, which is an imagined setup for stock market bulls. Continued economic expansion along with lower rates, which is what we surmise to get should inflation continue to cool off, is a recipe for higher equity prices. The Fed’s favorite inflation gauge and the tail end of take homing season will be drivers of the market in the week ahead. Economy The most important number next week purposefulness be the core personal consumption expenditures (PCE) price index — the preferred inflation measure of central bankers. It’s out on Friday. The consensus May evaluate, per FactSet, calls for an annual increase of 2.6% on both headline PCE and the core rate, which excludes often-volatile eatables and energy prices. Those numbers would be pretty much in line with the year-over-year increases seen in each month since the inception of 2024. The day before the PCE data, the final read on first-quarter gross domestic product is out. While it is the highest-level look at the U.S. husbandry, we must be mindful that GDP is extremely delayed. After all, we’re already at the end of the second quarter. Fresh housing data hit out on Tuesday, Wednesday, and Thursday. Since shelter costs are the largest single component of the inflation basket of prices, we can use these put outs to get a sense of where home prices are headed and therefore inflation more broadly. Earnings While no Club gatherings are reporting in the week ahead, there are notable earnings from outside the portfolio to consider. FedEx : The delivery followers’s extreme reach and importance to so many industries puts management in a unique position to provide higher-level thoughts on remunerative activity. It can also provide insight into consumer online shopping activity since it delivers a lot of those combinations. If consumer and economy activity more broadly are indeed holding in, we should see that expressed in shipping volume dynamics. Carnival , Levi Strauss , Nike : Supply these three companies, we can get a better sense of consumer spending activity and where they are focusing on their dollars. Are they undisturbed focusing on experiences (Carnival) or are we seeing some spending swing back in favor of goods (Nike and Levi Strauss)? Paychex : The Theatre troupe is one of the nation’s largest payroll processors, with a focus on small- and medium-sized businesses. It’s uniquely positioned to provide acumen into the state of the labor market. The U.S. has a consumption-driven economy, so low unemployment speaks to sustained buying power. That’s key to the Fed being masterly to wage its war on inflation while at the same time, hopefully, avoiding a recession. Micron : We’ll take as much insight into the materials center and the state of the AI data center buildouts as we can get. Though Micron may not be as direct a play on AI as Nvidia or Broadcom, its memory counters are still needed to build out these data centers. What Micron management is seeing can help us better agree where we are in the current investment cycle and how much room there is left to run. We expect that there are still a variety of quarters left to go before we see any waning in demand for data center infrastructure solutions. Micron can also provide perspicacity into the personal computer and smartphone markets, which will better inform us on Apple , Broadcom’s wireless subject (which is pretty much all Apple), and the state of the consumer electronics refresh cycle, which is key to our Best Buy investment theorem. Monday, June 24 No major events Tuesday, June 25 Before the bell: Carnival (CCL) After the bell: FedEx (FDX) Wednesday, June 26 10 a.m. ET: New House Sales Before the bell: General Mills (GIS), Paychex (PAYX), UniFirst (UNF) After the bell: Micron (MU), BlackBerry (BB), Levi Strauss (LEVI) Thursday, June 27 8:30 a.m. ET: Inaugural Jobless Claims 8:30 a.m. ET: Gross Domestic Product 10:00 a.m. ET: Pending Home Sales Before the bell: Walgreens Boots Affinity (WBA), McCormick (MKC) After the bell: Nike (NKE), American Outdoor Brands (AOUT) Friday, June 28 8:30 a.m. ET: PCE Price Thesaurus (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you at ones desire receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade watchful before buying or selling a stock in his charitable trust’s portfolio. 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