This holiday-shortened week has the potential to pack a big punch, with three major economic reports on deck that could shape the market’s next move. All this being delivered while many will be on vacation (which typically leads to light volumes) could introduce some volatility.

Retail sales declined slightly, seemingly largely due to lower gas and auto spending, but the underlying figures (excluding certain volatile categories) showed consumer spending remained relatively resilient. That’s important given how critical consumer activity is to overall economic growth.

Friday’s strong jobs report sent 10-year Treasury yields up over 4.5%, as a resilient labor market could mean the Federal Reserve keeps rates higher for longer, but there was little movement in the US Dollar last week.

while, the Fed’s latest meeting minutes didn’t exactly signal a more dovish shift, keeping rate-cut hopes in check. By the end of the week, a late boost came from encouraging comments about potential talks between Presidents Trump and China’s Xi and a better than feared inflation report, helping stocks close out a volatile stretch with relatively solid gains.

The biggest shock came Friday morning when President Trump made surprise comments about potentially placing steep tariffs on Apple products and imports from the European Union. These sudden threats, especially after previous talks of exemptions, raised questions about where U.S. trade policy might be headed and apparently caught markets off guard.