Musk‐Trump Clash Dwarfs Inflation, Tech Earnings And Even Apple WWDC Event In Retail Traders' Minds This Week

After stocks ended on a high last week, the spotlight shifts to key catalysts impacting trading this week. 

The week's economic calendar is relatively light, with the Federal Reserve going into a“blackout period” ahead of the June 17-18 rate-setting meeting. 

However, the week has its share of first-tier data, the chief among them being the May consumer price inflation (CPI) report.

At the June Fed meeting, in addition to the rate decision, the central bank will also issue its updated dot-plot chart, which plots each Fed official's projection of the Fed funds rate, and the Summary of Economic Projections (SEP).

Traders would be keen to know whether the tariff uncertainty has caused a rise in price levels. 

The Beige Book, which consists of anecdotal evidence of economic conditions in the 12 Federal Reserve districts, was released last week. It showed that prices increased moderately since the previous report. 

“There were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward,” the report said' expectations for the key numbers of the report are as follows:

• CPI (MoM): 0.2% versus  0.2% in April
• Core CPI: 0.3% MoM vs. 0.2% April
• CPI (YoY): 2.5% vs. 2.3% in April
• Core CPI (YoY): 2.9% vs. 2.8% in April

A few key earnings reports are also due this week, with the notable among them being Adobe, Inc. (ADBE), Oracle Corp. (ORCL) and J.M. Smucker (SJM).

The market is also left to contend with the feud between President Donald Trump and Tesla CEO Elon Musk, which weighed down on the market last Thursday.  

Trump and Elon Musk engaged in a heated social media exchange over the government's proposed tax bill, trading personal jabs and criticisms.

The situation escalated when Trump threatened to revoke government contracts awarded to Musk-owned companies.

The public spat raised concerns among investors, prompting a sharp sell-off in Tesla stock on Thursday.

Stocktwits users were asked to vote on which of the key catalysts they looked forward to this week. 

Among the 5,300 respondents, 44% said they looked forward to updates on the Trump-Musk feud.

A more modest 36% said they would watch the CPI data, only 11% and 9%, respectively, said they were focused on the week's earnings and Apple's WWDC.

The Invesco QQQ Trust (QQQ) ETF has gained 3.8% for the year, and the SPDR S & P 500 ETF (SPY) is up 2.5%.

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