Dow34529.45+64.81(0.19%)Nasdaq13748.76+12.46(0.09%)SP 5004204.11+3.23(0.08%)10-yr Note +2/321.582NYSEAdv 1951 Dec 1309 Vol 1.0 blnNasdaqAdv 2234 Dec 1964 Vol 4.4 bln Industry Watch Strong: Information Technology, Health Care, Utilities, Real EstateWeak: Communication Services, Industrials, Materials, Consumer Discretionary Moving the Market -- Stock market pares modest gains and closes little changed ahead of Memorial Day weekend -- Treasury market was not bothered by inflation pressures -- Speculative trading activity cooled off Reviewing Friday's economic data: Personal income declined 13.1% month-over-month (Briefing.com consensus -15.0%), as the total of stimulus payments made was greatly reduced from March. Personal spending (PCE) increased 0.5% month-over-month (Briefing.com consensus +0.4%), down from an upwardly revised 4.7% (from 4.2%) in March. That's not bad on the surface, but it was a price-driven increase. Real PCE decreased 0.1% in April. The PCE Price Index jumped 0.6% and the core PCE Price Index, which excludes food and energy, rose 0.7%. That left the year-over-year increases for the Fed's preferred inflation gauge at 3.6% (versus 2.4% in March) and 3.1% (versus 1.9% in March), respectively.The key takeaway from the report should be the high inflation prints, yet the calm manner in which the Treasury market has reacted to the report is apt to make the stock market think the key takeaway is that there is an abiding belief that the high inflation prints will be transient, as the Fed has suggested.The final May reading for the University of Michigan Index of Consumer Sentiment edged up to 82.9 (Briefing.com consensus 82.8) from the preliminary reading of 82.8. The final reading for April was 88.3. The expected year-ahead inflation rate of 4.6% is the highest on record.The key takeaway from the report is the acknowledgment that "record proportions of consumers reported higher prices across a wide range of discretionary purchases."The Chicago PMI increased to 75.2 in May (Briefing.com consensus 67.0) from 72.1 in April.The Advance report for International Trade in Goods for April showed a deficit of $85.2 billion versus $90.6 billion in March. The Advance report for Retail Inventories for April decreased 1.6%, while the Advance report for Wholesale Inventories for April increased 0.8%. As a reminder, the market will be closed on Monday for Memorial Day. When the market reopens on Tuesday, investors will receive the ISM Manufacturing Index for May, Construction Spending for April, and the final IHS Markit Manufacturing PMI for May. Russell 2000 +14.9% YTDDow Jones Industrial Average +12.8% YTDS&P 500 +11.9% YTDNasdaq Composite +6.7% YTDDisclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .