Global Highlights This Week: U.S. May CPI Data and Apple's WWDC Conference Take the Spotlight  

Last week, the three major U.S. stock indices all recorded gains, with the S&P 500 Index rising 1.5% cumulatively, the Nasdaq up 2.18%, and the Dow Jones Industrial Average gaining 1.17%.  

The recent rebound in U.S. stocks has pushed major indices close to all-time highs. The S&P 500 Index returned above 6,000 points on Friday, the first time since late February, and is just 2.3% below the all-time high closing level set in February.  

 

This week's upcoming economic data and progress in trade and fiscal policies will test whether the stock market can rise further in the short term.  

 

"I still believe the overall market sentiment remains cautious," said Jim Baird, Chief Investment Officer at Plante Moran Financial Advisors. "Despite the rebound from the lows, I think the market is still waiting for more clarity."  

 

Part of the uncertainty stems from how the U.S. economy will respond to changing trade dynamics. The U.S. May Consumer Price Index (CPI) report, scheduled for release this Wednesday , could provide clues for assessing the impact of tariffs, particularly against the backdrop of investors' vigilance about an inflation rebound.  

 

The May CPI report will be one of the last key data points before the Federal Reserve's June interest rate meeting. Markets generally expect the Fed to keep rates unchanged at this meeting, but traders have started betting on two 25-basis-point rate cuts in the second half of the year.  

 

"If inflation data is more moderate than expected amid tariff concerns, it could also become a catalyst to push the market to test all-time highs," said Jay Woods, Global Chief Strategist at Freedom Capital Markets.  

 

So far this year, the S&P 500 index has risen by 2%. Since hitting a phase low on April 8 due to tariff concerns, the index has rebounded more than 20%.

 

Investors are also closely monitoring Trump's proposed "Big and Beautiful" bill, which is currently under consideration in the Senate.  

 

Wall Street is evaluating how much stimulus the legislation will provide to economic growth, while also worrying that it could further expand the U.S. fiscal deficit. The sustainability of U.S. finances has become one of the market's core concerns in recent weeks.  

 

The U.S. Treasury will conduct government bond auctions this week: 58 billion US dollars in 3-year bonds on Tuesday, 39 billion US dollars in 10-year bonds on Wednesday, and 22 billion US dollars in 30-year bonds on Thursday.  

 

Another major highlight this week is Apple's annual Worldwide Developers Conference (WWDC 2025), which will kick off at 1 p.m. Eastern Time on Monday.  

Based on current media reports, Apple is expected to announce a revamped iOS system, real-time translation features for AirPods, and new exclusive gaming apps this week. However, the company may not release new hardware products at WWDC this year.  

Overview of Important  Economic Events This Week:

• Monday: Japan's April trade balance; U.S. May New York Fed 1-year inflation expectation; U.S. April wholesale sales monthly rate.  
• Tuesday: Apple's Worldwide Developers Conference (WWDC) at Apple Park; UK May unemployment data; U.S. May NFIB small business confidence index.  
• Wednesday: U.S. May CPI data; EIA monthly short-term energy outlook report; U.S. 3-year Treasury bond auction ending June 9th.  
• Thursday: U.S. May PPI; UK April industrial output monthly rate; U.S. 10-year Treasury bond auction ending June 10th.  
• Friday: Eurozone April seasonally adjusted trade balance; U.S. June 1-year inflation rate expectation preliminary value; U.S. June University of Michigan consumer sentiment index preliminary value; U.S. 30-year Treasury bond auction ending June 11th.