What to Watch in Markets This Week: CPI Report Headlines Inflation Data; Earnings Season; Iran War

Investors head into a data- and earnings-heavy week where inflation readings and geopolitics could drive market moves. The March CPI report (due Apr. 10) and February PCE (Apr. 9) are the main macro catalysts; Wells Fargo’s consensus sees CPI +0.9% month-on-month and +3.4% year-on-year, and PCE +0.4% m/m and +2.8% y/y. Fed minutes on Apr. 8 and Fed comments may influence rate expectations, though traders broadly expect the Fed to remain on hold later this month. Earnings from consumer-facing firms including Delta Air Lines (DAL.N) and Constellation Brands could signal demand trends, while war-related developments (Strait of Hormuz) add risk via potential fuel-cost pressure. Markets finished the prior week higher—ending five-week skids with the major indexes up about 3%—so incoming data and geopolitical headlines will likely determine whether that momentum continues or reverses.