Investors will see whether or not shares carry their newfound momentum into the week ahead, as main retailers, together with Walmart and Home Depot, report earnings and housing information dominates the calendar.

The Federal Reserve may play a task. Minutes from its final assembly will be launched Wednesday, and after April’s hotter than anticipated shopper and producer inflation, market execs will watch it carefully.

Central financial institution officers are additionally scheduled to make feedback, together with Fed Vice Chairman Richard Clarida who speaks subsequent Monday.

Stocks have been risky. The rally on Thursday and Friday was unable to reverse the week’s heavy losses. The defensive shopper staples, financials and supplies had been on observe for a optimistic week amongst main sectors. The worst performers had been shopper discretionary, off about 3.7% for the week, and tech, which was down 2.2%.

Technology shares had been amongst the finest performers in Friday’s rally, up about 2.1%. Energy was the finest performer, up greater than 3%.

“Watch it with a certain quantity of trepidation,” mentioned Art Hogan, chief market strategist at National Securities. “It’s not like the issues that spooked us this week, like inflation, are going away…I believe the reality we bounced at the finish of the week is constructive.” He added that he nonetheless expects the market to maneuver ahead with matches and begins.

But the markets have been targeted on whether or not any information helps make clear how quickly the Fed might begin to discuss winding down its bond shopping for. That could be a precursor to slowly ending the $120 billion a month asset purchase program, and additionally a sign that it’s one step nearer to elevating rates of interest.

Hogan mentioned when the weak employment report was launched, the market view shifted away from the concept that the Fed might talk about tapering its bond shopping for when it holds its Jackson Hole Economic Symposium in late summer.

But the market moved again to that view when the sizzling CPI report was launched Wednesday.

“We noticed sizzling CPI, sizzling PPI,” mentioned Hogan, referring to the producer price index. “That tells us the Fed could possibly be behind the curve.”

The Fed has mentioned it expects a transitory spike inflation, however issues it is probably not a short lived spike rippled by way of the market. But Hogan mentioned traders took some consolation from declines in iron ore and copper, down practically 2% for the week.

Retail earnings and housing

Big retailers report quarterly earnings all through the week. Walmart and Home Depot will report Tuesday. Target, TJX and Lowe’s launch outcomes Wednesday, and B.J.’s Wholesale and Kohl’s on Thursday.

Another disappointing information level was Friday’s April’s retail gross sales, which got here in flat with March. But they’re nonetheless at a excessive stage. Hogan mentioned primarily based on the gross sales report, retailers ought to have executed properly.

“You’re more likely to hear the ordinary suspects are outperforming. It was once Walmart, Target, Home Depot, Lowe’s,” mentioned Hogan. He mentioned now others have joined the checklist, like TJX and Gap, and ought to do properly.

Besides earnings, there’s housing information. The National Association of Home Builders sentiment index will be launched Monday, and housing begins are revealed Tuesday. Existing house gross sales will be issued on Friday.

Hogan mentioned relying on the information, it could assist the homebuilders which fell laborious in the previous week. He famous that D.R. Horton and Hovnanian had been each down for the week.

“The house constructing index is off 5% for the week, even with it being up 1% [Friday]. This is a red-hot sector that has a number of implications,” he mentioned. “What’s good for house gross sales is sweet for auto gross sales. It’s good for Home Depot and Lowe’s.”

Homebuilders had been a part of a broad swath of the market that was bouncing Friday.

Scott Redler, chief strategist at T3Live.com, mentioned by the finish of the week, a few of the progress and tech names had been buying and selling higher, like Facebook and Alphabet.

“The S&P 500 held the 50-day shifting common, which is constructive,” he mentioned.

The S&P 500 got here inside a couple of dozen factors of its 50-day, which is the common worth of the final 50 closes. It is usually a stage that acts as assist, however whether it is damaged, it may well sign a damaging pattern.

The S&P 500 was down about 1.5% for the week at 4,173.85. The Nasdaq ended the week at 13,429.98, down 2.3% on the week.

“The tech sector, which has been below strain, held its yearly uptrend earlier in the week. Today it felt slightly higher than the remainder of the week,” Redler mentioned Friday. “It does not imply you may go into the whole lot, however you may inform merchants are choosing away at higher performing shares at these costs.”

Week ahead calendar

Monday

Earnings: Hostess Brands, Lordstown Motors, Tencent

8:30 a.m. Atlanta Fed President Raphael Bostic on CNBC

8:30 a.m. Empire manufacturing

10:00 a.m. NAHB index

10:25 a.m. Fed Vice Chairman Richard Clarida at Atlanta Fed convention

4:00 p.m. TIC information

6:00 p.m. Dallas Fed President Rob Kaplan

Tuesday

Earnings: Walmart, Home Depot, Macy’s, Baidu, Take-Two Interactive, Trip.com, NetEase

8:30 a.m. Housing begins

11:05 a.m. Dallas Fed President Rob Kaplan

Wednesday

Earnings: Target, Lowe’s, JD.Com, Cisco, Shoe Carnival, TJX, Eagle Materials, Analog Devices, L Brands

10:00 a.m. St. Louis Fed President James Bullard on economic system and financial coverage

2:00 p.m. FOMC minutes

Thursday

Earnings: BJ’s Wholesale, Kohl’s, Petco, Ralph Lauren, Applied Materials, Ross Stores, Deckers Outdoor, Hormel Foods, Palo Alto Networks

8:30 a.m. Initial jobless claims

8:30 a.m. Philadelphia Fed

10:00 a.m. Leading indicators

10:00 a.m. St. Louis Fed’s Bullard

10:30 a.m. Dallas Fed’s Kaplan

Friday

Earnings: Deere, Foot Locker, Buckle, VF Corp, Booz Allen Hamilton

9:45 a.m. Markit Manufacturing PMI

9:45 a.m. Markit Services PMI

10:00 a.m. Existing house gross sales

12:15 p.m. Dallas Fed’s Kaplan, Atlanta Fed’s Bostic, and Richmond Fed President Thomas Barkin on a panel

1:30 p.m. San Francisco Fed President Mary Daly