The US stock market rises while gold falls. Next week, the US CPI may test the market's interest rate cut expectations.

Major U.S. stock indexes reportedly closed higher this week, with the S&P 500 hitting a new high in more than three months on Friday. The Dow Jones also rose to a three-month high. A better-than-expected non-farm payrolls report eased market concerns about the economy, while tech stocks continued to rally as Tesla (TSLA.O) rebounded from Thursday's sharp decline. However, as of June 4, U.S. equity funds saw outflows for the third week in a row due to persistent concerns about U.S. trade policy. On the commodities front, gold prices fell considerably on Thursday and Friday, but were still up overall for the week, closing at $3,311.68 an ounce. Notably, despite the slightly better-than-expected number of new non-farm payrolls in the U.S. in May, Trump once again put pressure on the Fed on social media to cut interest rates by 100 basis points. Here are the key points that the market will focus on in the new week:

Monday 09:30, China's May CPI year-on-year;

Monday 22:00, US April wholesale sales month-on-month rate;

Monday 23:00, U.S. May New York Fed 1-year inflation expectations;

On Tuesday, to be determined, China's M2 money supply year-on-year for May;

On Tuesday at 14:00, the UK three-month ILO unemployment rate for April, the unemployment rate for May, and the number of unemployment benefit claims for May;

On Tuesday at 15:10, ECB Governing Council member Villeroy spoke.

Tuesday 18:00, U.S. May NFIB Small Business Confidence Index;

Wednesday 20:30, US May CPI data

Wednesday 22:30, U.S. EIA crude oil inventories, Cushing crude oil inventories, Strategic Petroleum Reserve inventories for the week ending June 6.

Thursday at 14:00, UK April three-month GDP monthly rate, manufacturing output monthly rate

Thursday at 14:00, UK April seasonally adjusted goods trade balance, industrial production month-on-month.

Thursday 20:30, initial jobless claims for the week ending June 7 in the US, US May PPI

Friday 14:00, Germany May CPI MoM final value

Friday at 14:00, France May CPI MoM Final

Friday 22:00, US June one-year inflation rate forecast preliminary value, US June University of Michigan consumer confidence index preliminary value

The US May CPI report to be released next Wednesday will test the market's optimistic sentiment towards interest rate cuts, as it may show a stagnation in the recent downward trend of inflation. In other economic data, the UK will release its three-month employment report ending in April next Tuesday, and the market will be watching for any signs of further layoffs.