As a strong first-quarter earnings season winds down, the high-flying U.S. stock market faces potential turbulence with investor focus shifting to a challenging macroeconomic picture. Spiking inflation, driven by the ongoing U.S.-Iran war, has pushed bond yields to multi-year highs and increased the probability of a Federal Reserve interest rate hike. In the week ahead, the market will be closely watching the release of the PCE inflation data, the Fed's preferred gauge, along with the final earnings reports from key retailers and tech companies.

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