Equity markets slipped at the open on Monday but regained their footing to close the session near flat for the day. Mounting worries linked to geopolitical tensions, inflation, and rising interest rates are to blame, but investors remain resilient. This week will bring many earnings reports, so the market is hopeful. The risk is that earnings will be better than expected but offset by weak guidance.

Economic data is another risk this week. There are several reports on the calendar, including the Q3 GDP but the only thing that matters is the PCE price index on Friday. The PCE price index is expected to accelerate at the core level and may come hotter than expected. Oil prices have risen significantly since the summer, helping sustain high inflation levels. Another hot read on the PCE will give more cause for the Fed to hike rates again and could spark a sell-off in equities.