Equity markets rallied on Friday to end the week higher after rates on the 10-year treasury pulled back from the critical 4.0% level. The move should not be trusted due to the ongoing impacts of inflation and the outlook for FOMC interest rate hikes. The latest data shows inflation is accelerating and the Fed is on track to hike rates well above the 5.0% level. The risk for the market is that next week's NFP data will be vital and coupled with rising wages that will keep the Fed on its current path.

Next week brings another round of earnings reports although the peak of Q4 reporting is long past. Next week's reports include many small and mid-cap names along with Oracle. Oracle is noteworthy because it marks the mid-point between peak earnings season and the start of Q1 reporting. The company is expected to report a significant increase in YOY revenue and earnings that may be hard to match.