Wall Street is gearing up for a tricky week on Monday, with the release of eagerly-awaited inflation data and the kick-off of first-quarter corporate earnings.

Half an hour before the opening, futures contracts on the main US indices were up by 0.2% to 0.3%, a sign of the wait-and-see attitude characterizing investors.

Since the end of March, the world's stock markets seem to have become more cautious, as investors struggle to find new catalysts for the rally that has been driving the indices since the beginning of the year.

The past week has been marked by a certain amount of risk aversion, perceptible in the rise of safe-haven assets such as gold and the rise of the VIX volatility barometer, also known as the "fear index".

As a result of the growing uncertainty surrounding the timing of the Fed's next rate cuts, the major New York indices all gave up more than 1% last week.

But the start of the corporate earnings season at the end of the week could perhaps allow them to shake off their apathy.

As usual, the big banking groups will kick off the earnings season on Friday, with announcements from JPMorgan, Citigroup and Wells Fargo.

Given that the US financial sector is one of Wall Street's big winners this year - with a gain of over 10% since January 1 - this earnings season will be a real test.

Analysts are expecting first-quarter earnings per share (EPS) from S&P 500 financial companies to rise by just 0.7%, according to data compiled by FactSet.

However, the risk of a possible reawakening of inflation, which could delay the Fed's first hikes, should continue to be the common thread running through the markets.

Data on consumer prices (CPI) for November, due on Wednesday, should illustrate a further easing of inflation in March.

With all these elements in hand, investors will be able to determine whether the upward trend will continue, or whether a correction is now inevitable after the record highs set since the beginning of the year.

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