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Markets focus on core PCE inflation data during shortened trading week. (0:17) Salesforce investors watch whether AI demand boosts momentum. (1:13) Trump says Iran ceasefire deal could reopen Strait of Hormuz soon. (2:26)

It’s a holiday-shortened week, with markets closed Monday for Memorial Day. At the tail end of earnings season, the focus shifts back to the macro picture — and specifically inflation.

The main event comes Thursday with the April core PCE price index, the Fed’s preferred inflation gauge — at least for now.

New Fed chief Kevin Warsh has shown a preference for the trimmed mean PCE inflation rate, which strips out the most extreme price moves on both the upside and downside.

Economists expect core PCE to rise at an annual rate of 3.3%.

A heavy slate of Fed speakers through the week — including John Williams, Austan Goolsbee and Neel Kashkari — could further shape rate expectations.

Wells Fargo economists say renewed price pressure “is eroding household purchasing power, while a cooling labor market and lackluster hiring are weighing on wage growth.”

“We look for broad personal income to rise 0.4%, leaving real income growth weak and unlikely to sustain current spending momentum.”

On the earnings front, Salesforce (CRM) reports Wednesday, with analyst consensus calling for EPS of $3.13 on revenue of around $11 billion.

Analysts say customers are increasingly committing to AI use cases, while investors will also be watching for signs that the company’s AI narrative is translating into measurable business momentum.

Also on the earnings calendar:

Zscaler (ZS) reports Tuesday.

Marvell (MRVL), Snowflake (SNOW) and HP (HPQ) report Wednesday.\

Costco (COST) and Dell (DELL) weigh in Thursday.

The holiday weekend is also shaping up as a Star Wars-driven stretch for the box office, with Disney (DIS) and Lucasfilm’s “Star Wars: The Mandalorian & Grogu” leading the way.

The film brought in an estimated $81.96 million over the three-day weekend across 4,300 theaters, with projections calling for a $102 million four-day domestic holiday haul.

Globally, the movie took in an estimated $165 million, including $63 million from international markets.

Comscore said the overall three-day domestic box office reached an estimated $174.2 million for the weekend, down 34% from the comparable holiday frame a year ago.

Still, year-to-date domestic revenue has climbed to about $3.41 billion, up 14% from 2025, suggesting Hollywood’s release slate continues to recover.

In the news this weekend, President Trump said a deal to end the Iran war and reopen the Strait of Hormuz has been “largely negotiated” following calls with Israel and several Middle Eastern allies — potentially the clearest path yet toward easing tensions that have rattled global energy markets.

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump said on social media, without providing details.

Trump said he spoke with leaders from Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain, along with Israeli officials.

And for income investors, J&J (JNJ) goes ex-dividend Tuesday, with a June 9 payout date.

Loews (L) — that’s Loews with ticker symbol L — and TransUnion (TRU) go ex-dividend Wednesday. Loews pays out June 9, while TransUnion pays June 11.

eBay (EBAY) goes ex-dividend Friday, with a June 12 payout date.