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At 9:51 ET (13:51 GMT), the Dow Jones Industrial Average was down 65 points or 0.2%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.3%.
Investors will take in the CPI report as they assess the Federal Reserve’s progress in bringing down inflation. Analysts expect prices to rise 5% from the same month last year, the same pace as March and still well above the Fed’s 2% target.
Many futures traders expect the Fed will pause its rate hikes at the June meeting after raising by another quarter of a percentage point last week.
Shares of regional lenders such as PacWest Bancorp (NASDAQ:PACW) and Western Alliance Bancorporation (NYSE:WAL) were rising on Friday as fears about the banking system started to fade. PacWest was up 20%, while Western Alliance rose 3.1%.
This week also brings reports on producer prices, new jobless claims, and consumer sentiment.
President Joe Biden and congressional leaders are scheduled to meet at the White House on Tuesday to hash out differences on the debt ceiling, which Congress needs to raise or suspend in the next few weeks or risk the U.S. defaulting on obligations.
Earnings this week include reports from Walt Disney (NYSE:DIS) and PayPal (NASDAQ:PYPL).
Shares of DISH Network Corporation (NASDAQ:DISH) fell 2.4% after it reported lower than expected first quarter revenue. Tupperware Brands Corporation (NYSE:TUP) shares fell 19% after the maker of storage containers said it tapped investment bank Moelis (NYSE:MC) to explore strategic alternatives.
Oil rose. Crude Oil WTI Futures was up 2.3% to $72.98 a barrel, while Brent Oil Futures crude rose 2% to $76.81 a barrel. Gold Futures was up 0.3% to $2,031.
