Wall Street week ahead: US inflation data in focus

The consumer price data for April is due on 10 May. In March, consumer prices surged by 5%.

The CPI data could shed light on impact of the US Federal Reserve’s fight against high inflation.

Analysts expect factors including higher commodity prices and a shift to local supply chains from global ones are likely to keep inflation elevated.

Earnings from Airbnb, Disney, Lucid Group, Freshpet, Rackspace Technology, Nikola, Li Auto, Roblox, Unity Software and JD.com are also due in the week.

On Friday, stocks on the Wall Street rallied after strong US jobs data and a rebound in regional banks shares.

The S&P 500 climbed 1.9% at 4,136.25. The Dow Jones Industrial Average advanced 1.7% at 33,674.38. The tech-heavy Nasdaq Composite Index jumped 2.3% at 12,235.41.

Among the regional lenders, PacWest Bancorp was the top gainer, jumping nearly 82%.

The US dollar on Friday rose to 134.81 Japanese yen from 134.14. The euro advanced to $1.1025 from $1.1016.

Gold for June delivery on Friday plunged $30.90 at $2,024.80 an ounce. Silver for July delivery fell 30 cents at $25.93 an ounce.

US jobs data on Friday showed hourly wages rose in April at an annual rate of 4.4%. The jobs data suggest that the labour market has stayed strong despite recent interest rate hikes from the Federal Reserve.

US economic growth slowed to 1.1% in the first quarter, while manufacturing activity remained depressed in April.

Investors are concerned that the Fed rate hikes may push the US economy into recession.

On Wednesday, the Fed raised rates by 25 basis points.

Brent crude for July delivery gained $2.80 to $75.30 a barrel on Friday. US crude oil benchmark for June delivery rose $2.78 to $71.34 a barrel.