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Last week’s economic data offered a mixed view of the U.S. economy, beginning with a notable rebound in consumer sentiment. On Tuesday, consumer confidence rose sharply in May to 98 from 85.7 in April, reversing five months of declines. The improvement was driven by a significant increase in expectations for future income and business conditions. Current assessments of the economy also improved, though concerns about job availability remained.

Markets started last week on a quiet note but quickly shifted gears as a flurry of economic data arrived in the second half. Key reports on housing, business sentiment, and inflation expectations gave investors fresh insight into the state of the economy—and where it might be headed.