The Week Ahead: PCE, Fed Speakers and Tech Earnings Test Market Momentum

• Core PCE (forecast 0.3% m/m) and preliminary GDP data (forecast 2.1% q/q) release Thursday alongside a busy slate of Fed speakers including Williams, Logan, and Goolsbee
• S&P 500 rose 0.88% to 7,473.47, Nasdaq gained 0.45% to 26,343.97, and Dow surged 2.13% to 50,579.71, all trading above 52-week moving averages
• Key earnings include Salesforce, Snowflake, Marvell, and Dell for AI demand signals, plus Dollar Tree, Kohl's, and Dick's Sporting Goods for consumer spending health

Market Summary: The Week Ahead

Market Performance

U.S. equities extended gains last week, with the S&P 500 rising 0.88% to 7,473.47 near record territory, the Nasdaq Composite gaining 0.45% to 26,343.97, and the Dow Jones Industrial Average leading with a 2.13% advance to 50,579.71. All major indices remain above their 52-week moving averages, confirming intact uptrends.

Key Economic Events

Thursday, May 28 features the week's critical data releases:

• Core PCE Price Index (forecast: 0.3% m/m) - the Fed's preferred inflation gauge
• Preliminary GDP (forecast: 2.1% q/q, up from 0.7% prior)
• Durable Goods Orders, Personal Income/Spending, and Unemployment Claims

Additional data includes CB Consumer Confidence (Tuesday), ADP Employment (Wednesday), and Chicago PMI (Friday).

Federal Reserve Activity

Eight Fed speakers scheduled throughout the week, including Williams, Goolsbee, Logan, and Cook. Commentary will be scrutinized for policy signals amid rising Treasury yields driven by resilient growth, elevated energy prices, and persistent inflation concerns.

Earnings Highlights

Major technology earnings include Salesforce ($3.13 est.), Snowflake ($0.32), Dell ($2.89), Marvell Technology ($0.79), and Zscaler ($1.01), providing insights into AI-related demand and enterprise spending.

Consumer-focused reports from Dollar Tree ($1.56), Kohl's (-$0.19), Dick's Sporting Goods ($2.87), and Bath & Body Works ($0.29) will gauge spending conditions.

Market Implications

The primary focus remains inflation trajectory and Fed policy expectations. Strong earnings continue supporting equities despite rising rates, though sustainability depends on Thursday's economic data and Fed messaging. Markets remain sensitive to any inflation surprises that could impact rate expectations.