The S&P 500 treaded water, after two big up weeks, as the first post "Liberation Day" trade deal was announced between the United Kingdom and the U.S. The results of the trade talks between China and the U.S. in Geneva will have a large impact on investors' mood entering the week.

On the earnings front, more than 450 of the S&P 500 companies have reported first-quarter results, with nearly 80% beating consensus earnings-per-share estimates and roughly 60% besting sales projections. On the calendar for this week are Fox and Simon Property Group, releasing results on Monday. Cisco Systems announces its earnings on Wednesday, and Applied Materials and consumer bellwether Walmart do the same on Thursday.

The Bureau of Labor Statistics' April consumer price index, released on Tuesday, will highlight the economic data releases for the week. This is the first inflation-related data release that might capture any effects of the tariffs implemented by the White House after April 2. Other economic data to watch include Thursday's release of the BLS' producer price index and the Census Bureau's retail sales data. On Friday, the University of Michigan releases its consumer sentiment survey.

Monday 5/12

DaVita, Fox, Monday.com, NRG Energy, and Simon Property Group announce earnings.

Tuesday 5/13

CyberArk Software, JD.com, On Holdings, Sony Group, and Tencent Music Entertainment Group report quarterly results.

The National Federation of Independent Business releases its Small Business Optimism Index for April. Consensus estimate is for a 95 reading, compared with 97.4 in March. The 51-year average for the index is a 98 reading.

The Bureau of Labor Statistics releases the consumer price index for April. Economists forecast a 2.4% year-over-year increase. The core CPI, which strips out volatile food and energy prices, is expected to rise 2.8%. Both estimates would match the March data. The annual change in the March core CPI was the lowest in four years.

Wednesday 5/14

Alcon, Cisco Systems, Coreweave, and Steris release earnings.

Thursday 5/15

Alibaba Group Holding, Applied Materials, Birkenstock Holding, Cava Group, Deere, Doximity, Take-Two Interactive Software, and Walmart announce quarterly results.

The Census Bureau reports retail sales data for April. Spending is expected to be flat month over month, after a 1.5% jump in March. The March increase probably reflected tariff front running, especially in autos which were up 5.7% from February.

The BLS releases the producer price index for April. The consensus call is for a 2.5% year-over-over rise, two-tenths of a percentage point less than in March. The core PPI is expected to increase 3.1%, compared with 3.3% previously.

The National Association of Home Builders releases its Housing Market Index for May. Expectations are for a 40 reading, matching the April figure. Readings less than 50 indicate that home builders have a sour outlook on the single-family housing market over the next six months.

Friday 5/16

The University of Michigan releases its consumer sentiment survey for May. April's 52.2 reading was the lowest since July of 2022, while consumers' year ahead inflation expectations, 6.5%, was the highest since 1981.