Consumer sentiment, housing data, Blinken in China: 3 things to watch By

-- Stocks rallied on tmgm foreign exchange official websiteThursday after the Federal Reserve hit pause on an interest rate increase for June after 10 consecutive increases since last year.

Tech stocks were getting a boost on the prospect that the Fed may be nearing the end of its tightening phase as evidence mounts that inflation is cooling. But the Fed left open the possibility that it would raise again in July and again at some point this year. Futures traders are putting the chances of a quarter point in July at greater than 60%.

The Fed said its benchmark rate could top out around 5.6% this year, which is higher than an earlier forecast. Economists have been encouraged by signs of resilience, discounting their forecasts for a recession in recent weeks.

As stocks continue to surge, new capital markets activity starts to come alive. Thursday's initial public offering from Cava Group, a Mediterranean-focused restaurant chain, showed interest is strong in new issues after a relative period of quiet. Cava doubled from its $22 IPO price and was on track to end its first day of trading up 97%.

Investors are heading into a long holiday weekend in the U.S., with the stock markets slated to close on Monday for the Juneteenth holiday.

Here are three things that could affect markets tomorrow:

1. Michigan consumer sentiment

The University of Michigan's reading is due out on Friday at 10:00 ET (14:00 GMT). Analysts expect the reading for June to be 60, up from 59.2 in the previous reading.

2. Housing data 

After Monday's market holiday, investors will get fresh data on housing starts and building permits on Tuesday. The data come after (NYSE:) beat expectations in the and said it expects to deliver more homes this year than previously forecast.

3. Blinken in China

Secretary of State Antony Blinken will travel to China on Friday for a weekend of meetings after postponing the trip in February after the Chinese spy balloon scandal. He is the first Secretary of State to visit China in five years.

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