The 6 big things we’re watching in the stock market this week
Earnings season for Club names has come to an end, but that doesn’t mean the excitement has. This coming week is packed with market-moving inflation data and two key corporate events. Apple’s Worldwide Developers Conference starts its five-day run on Monday, and Apple is expected to raise the curtain on a new, conversational Siri assistant, powered by Google’s powerful Gemini artificial intelligence model. CEO Tim Cook will deliver one last major AI update to the Apple ecosystem before handing over the reins to incoming CEO John Ternus. The confab comes as the iPhone maker’s stock is on a roll, up more than 20% since the end of March. Since soaring more than 3% after near-perfect earnings on April 30, the stock has tacked on another 12.5% as of Tuesday’s record-high close of $315 and is just shy of that level heading into the week. So investor expectations are high, which could trigger selling if they are not fully met. Just look at the action from Broadcom and CrowdStrike this week after they both delivered strong quarters. Also on Monday, Club holding Honeywell hosts a 2026 guidance update for its Honeywell Technologies division — the remaining business after Honeywell Aerospace is spun off on June 29 — followed by an investor day on Thursday. Last week, we covered Honeywell Aerospace’s Investor Day in Wednesday’s HomeStretch , noting that the company expects to generate at least $6.5 billion in adjusted earnings before interest and taxes (EBIT) by 2030. That could prove conservative, as many companies tend to underpromise ahead of becoming a separate company. Outside of the portfolio, Oracle reports on Wednesday evening, giving yet another look at demand for AI data center infrastructure. Homebuilder Lennar reports after Thursday’s closing bell, providing a window into the housing market and whether builders are considering adding more supply. On Friday, SpaceX, Elon Musk’s rocket company, will become the first of three monster initial public offerings expected this year. The other two are Anthropic, which dropped its confidential IPO filing last week, and OpenAI, which is expected to file its paperwork any day now. With so much hype heading into the SpaceX IPO, it will be interesting to see how the market absorbs such a huge influx of equity. While Anthropic and OpenAI will no doubt be watching the market reaction closely, we imagine a few hyperscalers might be considering a move similar to Alphabet , which did a fantastic job placing and pricing its own $85 billion stock sale. Last week, Jim Cramer talked about all this supply coming to market. “We have to recognize that there are a lot of companies raising cash. That’s typically not a great time to buy stock,” Jim said Tuesday on CNBC. Jim came away Tuesday morning surprised that the stock was “hanging in here,” suggesting that the news should have been more of a drag on shares. For the week, Alphabet shares only fell about 3%. The May consumer price index , out on Wednesday, will be the marquee data point of the week. While the Federal Reserve tends to prefer the core personal consumption expenditures (PCE) price index as its proxy for inflation, the CPI is a close second. According to FactSet, economists expect a 4.3% annual increase in the headline rate and a 2.9% increase in the core rate, which strips out the impact of food and energy costs because of their inherent volatility. The CPI might get a bit more attention than usual because of last Friday’s jobs report. Wage inflation ticked down, a positive only in that the consumer feeling a bit more strained acts as a natural counterbalance to inflation. The number of jobs added was well above expectations. Put it all together, and the odds of two interest rate hikes this year increased to 20%. The market has already pretty much dismissed the idea of a rate cut, even though President Donald Trump wants lower borrowing costs — and his pick to lead the Fed, Kevin Warsh, has only been chairman of the central bank for just over two weeks. The May producer price index is out on Thursday, and estimates call for a 0.6% month-over-month increase at the headline level and a 0.3% increase for the core rate. FactSet does not provide year-over-year estimates on PPI. The PPI, which measures wholesale inflation, tracks multiple stages of the supply chain and provides insight into the price actions that producers may be forced to take in the future to protect profit margins — or, on the other hand, if they are seeing any relief that could help slow the rising costs of goods. While both the CPI and PPI are closely watched, the market is always more concerned with future expectations than with past data. Expect any updates on the Iran war — and oil prices — to influence investor expectations on the future path of interest rates. If we get the sense that energy prices are coming down, then a hot CPI could be forgiven. Likewise, if it seems negotiations with Iran are deteriorating and that the prospects for reopening the Strait of Hormuz are diminishing, cool inflationary data could be overlooked. Week Ahead Monday, June 8 Before the opening bell: Campbell Soup (CPB) After the closing bell: Vail Resorts (MTN) Apple’s Worldwide Developers Conference Honeywell guidance update Tuesday, June 9 10 a.m. ET: Existing Home Sales Before the bell: Academy Sports & Outdoors (ASO), United Natural Foods (UNFI), JM Smucker (SJM) After the bell: Casey’s General Stores (CASY), Cracker Barrel (CBRL) Honeywell 8:30 am ET: Consumer Price Index Before the bell: Chewy (CHWY), Core & Main (CNM) After the bell: Oracle (ORCL), Stitch Fix (SFIX) Thursday, June 11 8:30 am ET: Producer Price Index After the bell: Adobe (ADBE), Lennar (LEN) Friday, June 12 SpaceX set to start trading (Jim Cramer’s Charitable Trust is long AAPL, HON, GOOGL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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