Cobra's Market View

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What’s driving markets

Stock futures looked to extend their recent rally Monday — though the positivity was tinged with caution ahead of a week stuffed with potential tripwires.

The S&P 500 finished Friday at its highest close in 10 months, having enjoyed a four-week winning streak as investors became more hopeful that the U.S economy can avoid a sharp economic slowdown as easing inflation allows the Federal Reserve to pause monetary tightening cycle.

That bullish narrative will be put to the test in coming days.

The consumer prices index for May will be published on Tuesday. Investors will be hoping to see annual CPI inflation — which hit a 40-year high of 9.1% last June and dropped to 4.9% in this April — fall further, with economists forecasting a dip to 4%.