June inflation data will be closely watched by investors in the week ahead

Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead.

Those moves come after a big run-up in stocks in the first half of 2023 that brightened Wall Street's outlook for the third quarter and the second half of the year. Spouting Rock Asset Management chief strategist Rhys Williams said this week's choppy moves were normal. "June was a very strong month in the markets," Williams said.

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