US stocks wobbled on Monday as investors kicked off a big week that will see a fresh inflation data test for rate-cut views and the start of first-quarter earnings season.

The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) wavered around the flatline after opening with slight gains.

A strong jobs report helped lift stocks on Friday but couldn’t fend off weekly losses as doubts about the Federal Reserve’s resolve for interest-rate cuts preyed on minds.

US bonds sold off last week amid that uncertainty, and the pressure continued Monday with a slight rise in the 10-year Treasury yield (^TNX) to above 4.45%. While the benchmark has pared gains, it is still within reach of the key 4.5% level seen by some as a potential tipping point for a run-up toward last year’s highs.

Other concerns added to the unsettled mood: Divided views on policy from Fed speakers, growing noise around the coming US presidential election, and a spike in oil prices from escalating Middle East tensions that could fan inflation pressures.

All that is sharpening focus on the release of the Consumer Price Index on Wednesday, a key input in the Fed’s decision making and a clue to continuing resilience in the US economy. Investors will watch for signs that inflation returned to its downward trend in March after signs of stickiness in readings earlier this year.

At the same time, the market is bracing for the new earnings season, with Delta Air Lines (DAL) setting the stage on Wednesday for big banks’ results on Friday. Broadly, Wall Street expects the first quarter to set the tone for a robust year of earnings growth among S&P 500 companies, hopes boosted by the blowout March labor figures.

Against that backdrop, gold rose above $2,350 an ounce to touch a fresh record. Meanwhile, oil was reaching for recent multimonth highs as the market assessed easing tensions in the Middle East. Brent crude futures (BZ=F) were slightly lower at $90.80 a barrel, while West Texas Intermediate futures (CL=F) were a touch higher at just below $87.

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Stock market investors were on edge today as stocks wavered ahead of a big week for inflation data and earnings reports. The S&P 500 and Nasdaq both closed slightly lower, while the Dow Jones Industrial Average managed to eke out a small gain.

Investors are closely watching this week’s release of the US Consumer Price Index (CPI) for March, which is expected to show a significant increase in inflation. Rising inflation has been a major concern for investors in recent months, as it could lead to higher interest rates and potentially slow down economic growth.

In addition to inflation data, this week also marks the beginning of earnings season, with several major banks set to report their quarterly results. Earnings reports will provide investors with valuable insight into how companies are performing in the current economic environment, and could help determine the direction of the stock market in the coming weeks.

Despite today’s mixed performance, the stock market has been on a strong upward trajectory in recent months, fueled by optimism around the economic recovery and the rollout of COVID-19 vaccines. However, analysts warn that the market may be due for a correction, as valuations remain high and inflation concerns linger.

Overall, investors are bracing themselves for a volatile week as they navigate through a flood of economic data and earnings reports. The stock market today may be uncertain, but one thing is for sure – all eyes are on inflation and earnings as investors try to gauge the future direction of the market.