The S&P 500 index has seen a 16.6% year-to-date increase, driven by better economic outlook, excitement over artificial intelligence, and signals that the Federal Reserve is close to completing interest rate hikes.

The next week’s inflation number may determine stocks’ near-term trend, and Treasury yields are also actively watched by investors.

The S&P 500 lost 2.27% this week, its worst weekly drop since March 10.

Some investors worry that persisting inflation may compel the Fed to keep rates low for longer than planned.

The US job growth was weak, with wages rising 4.4% annually, quicker than projected and exceeding the Fed’s 2% inflation target.

The market will accept the upticks if CPI remains flat to trending down, and a higher-than-expected inflation number could boost Treasury yields.

The rally can continue with favorable news, with Amazon and Alphabet beating analysts’ expectations, while Apple’s poor earnings pushed the stock down 4.8%.