Stock futures were flat on Monday morning as investors anticipate major earnings and inflation reports that will shed light on the U.S. economy after a turbulent week for markets.

Futures contracts connected to the Dow Jones Industrial Average slipped 24 points. S&P500 futures fell 0.18%, while Nasdaq 100 futures fell 0.35%.

Market watchers generally see the coming week as the start of earnings season, with four of the world’s biggest banks – JP Morgan, Wells Fargo, Morgan Stanley and Town – report on Friday. PepsiCo, Delta and Dominoes are also among the companies reporting next week.

Inflation will also take center stage as new monthly Consumer Price Index data arrive Thursday morning.

Markets were whipped last week, starting with a relief rally that sent the S&P 500 soaring more than 5% in its biggest two-day gain since 2020. That rally unfolded as data on the came stronger than expected, signaling further rate hikes and OPEC+’s decision to cut oil supplies rattled investors. At the end of trade on Friday, the S&P was up 1.5% for the week. The Dow and Nasdaq rose 1.5% and 0.7% respectively.

Yet the Dow Jones, S&P 500 and Nasdaq had the first positive week in the last four. However, all remain substantially lower so far in 2022, and the Nasdaq is within 1% of its 52-week low.

“The direction of the stock market is likely to be lower because either the economy and corporate earnings will slow significantly, or the Fed will have to raise rates even higher and hold them higher for longer,” said Chris Zaccarelli, Chief Investment Officer. officer at Independent Advisor Alliance, Friday.

“Given the conditions in which we operate, we believe it is prudent to start preparing for a recession,” he added.

Last week, there was more concern that corporate earnings will show the bad side of a rising dollar as Levi Strauss became the latest to cut its forecast due to falling international sales.