With the S&P 500 rallying to its fifth consecutive weekly gain, its longest winning streak since August last year, momentum is favouring a positive start for the ASX at the beginning of the new trading week, even with major banks trading ex-dividend today.

Economic calendar and news

Business confidence and consumer confidence kick off the local economic calendar this week, however, all eyes will be trained on the latest job figures due to be published Thursday morning. 

Market expectations suggest the unwinding of lockdown restrictions last month may have helped add as many as 50,000 jobs to the economy, albeit with the participation rate tipped to increase, these gains may not necessarily transpire into a lower unemployment rate.

Rounding out the week will be data on consumer inflation expectations, which comes at a time where rising costs are a concern for many individuals and businesses. The likes of Domino (ASX: DMP) and Inghams (ASX: ING) were among the ASX names that last week forecast inflationary headwinds, with the market punishing the duo, but also setting the tone for consumers to readjust their expectations as well.  Overseas, last week job numbers in the US sparked a new wave of confidence in the US economy, with new hires coming in at over half a million, substantially outpacing expectations, and leading to the unemployment rate dropping to 4.6%. On that note, with a number of Federal Reserve officials scheduled to hand down speeches this week, attention will likely centre on their commentary on how progress in the job market may shift the central bank trajectory for lifting interest rates.Also set to play a role in that crucial decision will be inflation data, due to be released Wednesday night Australian time. Economists predict October inflation reading may have accelerated compared with that from the month prior, potentially hitting 0.6% month-on-month versus 0.4% in September, which would be the fastest rate since December 1990 and could raise doubts about whether it is transitory' as argued by the Fed.

Finally, the passage of the US government infrastructure bill will also be on the minds of investors, while also setting up a showdown for a vote on a broader spending package. 

Stocks on watch

Pharmaceutical giants Pfizer (NYSE: PFE) and Merck (NYSE: MRK) will be in the spotlight over coming days, a short time after delivering earnings reports, and on the back of a high-profile week where the duo have been in the news regarding COVID treatments. Pfizer delivered a major announcement on Friday when it reported its novel oral antiviral treatment candidate reduced the risk of hospitalisation or death by 89% in interim analysis from its Phase 2/3 study. 

Pfizer news hit the share price of Merck, which a week earlier had published its own upbeat results regarding a potential oral treatment for COVID, and also smashed the share prices of vaccine makers Moderna (NASDAQ: MRNA) and BioNTech (NASDAQ: BNTX), with some investors interpreting the news as a potential development that could shift a greater role onto treatments in managing the pandemic.

Elsewhere, gold prices firmed on Friday evening, reclaiming the US$1,800/oz mark in a volatile trading session. That came on the back of upbeat non-farm payrolls data, as well as confirmation from the US Federal Reserve earlier in the week that it will taper its bond-buying program by US$15 billion per month. The bright finish to the week for gold prices could have a positive effect on names like Northern Star Resources (ASX: NST) and Evolution Mining (ASX: EVN), especially if the price of the precious metal can maintain this key threshold.Similarly, ASX energy names are in line for a buoyant start to the week after crude prices rallied to end the week. Woodside Petroleum (ASX: WPL) may be a barometer for sentiment across the local sector.Earnings season may be winding down in the US but the remaining names on show will include Walt Disney (NYSE: DIS), PayPal (NASDAQ: PYPL), Palantir (NYSE: PLTR), Affirm (NASDAQ: AFRM) and BioNTech. Reddit favourite AMC Entertainment (NYSE: AMC) is also set to publish its earnings report, with the company recently announcing that October was a bumper month in terms of sales. Ticket sales for the business have hit their highest level since the beginning of the pandemic, paving the way for a strong finish to the year.Among ASX heavyweights, ANZ (ASX: ANZ) and Macquarie Group (ASX: MQG) both trade ex-dividend this morning, which could weigh on the broader market, while ResMed (ASX: RMD) will follow suit on Wednesday. Sydney Airport (ASX: SYD) has entered into a Scheme Implementation Bid after confirming it has received a binding takeover bid from its suitor IFM that its Board is willing to back, and Westpac (ASX: WBC) last week threw a spanner into the works within the banking sector, disappointing shareholders due to shrinking margins and forecasts for higher costs.Finally, annual general meetings will roll on for a host of names, with the most-watched events likely to come courtesy of regional bank Bendigo (ASX: BEN) on Tuesday, energy player Beach Energy (ASX: BPT) on Wednesday, as well as the likes of Ansell (ASX: ANN), REA Group (ASX: REA) and Computershare (ASX: CPU) on Thursday.