Fresh data prints coming out of the US may drag on the S&P 500 index as the Consumer Price Index (CPI) is expected to increase for the seventh consecutive month.

Crude oil prices dropped for a second week amid Chinese Covid woes and increasing US production and inventory levels. Along with headwinds from a coordinated IEA release, prices may drag.

Next week’s ECB monetary policy meeting will test President Christine Lagarde’s ability to manage market expectations while at the same time proving that the central bank remains in control.