Stocks closed higher yesterday with the S&P and Nasdaq both notching new all-time high closes.

Macy's reported before the open yesterday and posted a positive EPS surprise of 50.0%, and a positive sales surprise of 0.21%. That translated to a quarterly EPS growth rate of -51.8% vs. this time last year, and a sales growth of -2.61%. They were up 5.13% on the day.

After the close, Urban Outfitters posted a positive EPS surprise of 40.8%, and a positive sales surprise of 2.69%. That equated to a quarterly EPS growth rate of 23.2% vs. last year, and a sales growth of 8.11%. They were up more than 8% in after-hours trade.

Today we'll hear from another 144 companies with names like Analog Devices and Target going before the open, and Synopsis, Snowflake, and widely held NVIDIA reporting after the close.

Not much in the way of economic reports out yesterday.

Although, we did hear from several Fed policymakers. The most newsworthy came from Federal Reserve Governor Christopher Waller. He noted several reports showing that inflation is heading back down. But said "in the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy."

The most recent CPI and PPI inflation reports definitely fit that bill. And hopefully we'll see the same with next week's Personal Consumption Expenditures (PCE) index (which is the Fed's preferred inflation gauge).

But just as important, apparently, is the jobs market. He said the latest jobs report was "a welcome relief." But because the "progress was so modest" it "did not change my view that I will need to see more evidence of moderating inflation," before easing.

We'll get the next look at the labor market in 2 weeks (Friday, June 7), with the Employment Situation Report.

None of what he said was new information. The Fed has been suggesting that all along. But hearing it again drives home the point.

The market did not take issue with it either as that's essentially been the message for months now.

We will learn more of the Fed's insight with this afternoon's FOMC Minutes. We are likely to hear more of the same. But you never know. That comes out at 2:00 PM ET.

In addition to that, we'll get MBA Mortgage Applications, Existing Home Sales, the Atlanta Fed Business Inflation Expectations, and the Quarterly Services Survey.

We'll also hear from the President of the Federal Reserve Bank of Chicago, Austan Goolsbee.

But the FOMC Minutes and NVIDIA's earnings are the two key reports investors will be watching closely today.

See you tomorrow,