Markets brace for a pivotal week with President Trump's delayed visit to China, where tariffs and the Iran conflict will dominate discussions. Kevin Warsh faces Senate confirmation as Federal Reserve chair, replacing Jerome Powell whose term ends Friday. The geopolitical tensions continue to roil markets, with Dow futures slipping while oil prices climb as U.S.-Iran diplomacy shows little progress.

Tuesday brings critical inflation data showing how the Iran conflict affects consumer prices, with the Bureau of Labor Statistics releasing the consumer-price index. Investors will parse earnings from Constellation Energy, Fox Corp., and Hims & Hers. The National Association of Realtors reports April home sales, while China publishes its consumer inflation reading, adding global perspective to the inflation narrative.

Alibaba and Cisco report earnings as Wednesday brings producer-price index data and the EIA's petroleum status report. The U.S. leads Israel-Lebanon talks while closing arguments begin in Elon Musk's lawsuit against OpenAI. Thursday's retail sales data and natural gas storage reports will influence market sentiment, with Applied Materials and Klarna also reporting ahead of Trump's China meetings with Xi Jinping.