What to watch

Wall Street eyes latest read on inflation

The stock market got off to a good start to the week Monday, amid the “Buffett Bounce” or the “Apple Rally,” or whatever you want to call the Dow’s 175-point surge driven by news that billionaire investor Warren Buffett’s Berkshire Hathaway took a roughly $1 billion position in iPhone maker Apple last quarter.

Apple shares, which are down almost 30% from their year-ago peak, got a reprieve on the Berkshire buy news, rallying nearly 4% to $93.88. Since Apple carries big weight in the Dow Jones industrial average, the Standard & Poor’s 500 stock index and the Nasdaq, the iPhone maker helped drive the market higher Monday.

Another rally for U.S.-pro- duced oil also gave the market a tailwind it has lacked recently.

But Monday is in the rear-view mirror. Tuesday brings fresh challenges to Wall Street, just a day before the minutes of the Federal Reserve’s April meeting on interest rate policy are released Wednesday.

Wall Street will turn its attention back to incoming economic data, and the latest reading on inflation at the consumer level will get top billing. The April consumer price index, or CPI, will be released at 8:30 a.m. ET. Investors will be looking to see if dormant inflation is showing any signs of awakening. The Fed has been reluctant to hike interest rates this year, partly due to the inability of inflation to tick back up closer to the 2% rate it deems healthy.

Also on Tuesday’s docket: April reads on housing starts and industrial production.