Three Things to Watch
- The Consumer Price Index (CPI) report for April will be the key economic event for the week. Both overall and core (ex-food and energy) readings are expected to move higher at 3.7% and 2.7%, respectively. Higher oil prices continue to influence inflation, and expectations for higher prices were evident in the University of Michigan data from last week. Higher inflation and inflation expectations have resulted in the changing outlook for monetary policy, with no rate changes expected for the balance of this year. Retail gas prices have jumped more than 50% since the start of the war in late February.
- Thursday’s retail sales report will provide another data point on consumer activity as the war with Iran dominates headlines. Retail sales ex-auto parts and gasoline stations are forecast to increase 0.4% for the month after being up 0.6% in March. Retail sales are not adjusted for prices, meaning higher inflation/prices are responsible for some of the gain.
- President Trump will head to China for a summit with the Chinese president. The agenda includes tariffs, energy prices, the war with Iran and trade.
Three Things to Know
- California has the highest price per gallon for regular gas at $6.154 while Oklahoma is the cheapest at $3.958. Six states have prices greater than $5/gallon. (Source: AAA)
- Cape Coral, Fla., features over 400 miles of navigable waterways, giving it the largest canal system of any city in the world. (Source: @historyinmemes)
- Most S&P 500 companies (85%) have beaten on earnings per share (EPS), with first-quarter 2026 EPS growth now tracking +27.7% year over year and aggregate surprises at +19%. (Source: The Long View)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.