Wall St Week Ahead: Inflation data poses test for stocks rally after Trump win
The benchmark S&P 500 surged to an all-time high and hit the 6,000 level for the first time on Friday, as expectations of tax cuts and looser regulations under Trump helped lift the appetite for equities.
A reassuring economic outlook from the Federal Reserve, which delivered a widely expected 25 basis point rate cut on Thursday, also helped boost sentiment. The central bank's ability to keep cutting rates, however, will be tested by whether incoming data shows inflation continuing to moderate.
The Nov. 13 consumer price index report needs to «confirm that notion that inflation continues to head in the right direction,» said Art Hogan, chief market strategist at B Riley Wealth.
Investors believe Trump's proposals, in particular higher tariffs, could push up consumer prices. Meanwhile, U.S. data has been stronger than expected, with a recent report showing the economy grew at a solid 2.8% pace in the third quarter.
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