When Wall Street strategists were cheering on President Trump’s electoral victory and projecting another rosy year for U.S. stocks, J.P. Morgan’s Michael Cembalest was taking a decidedly different tack.

A critical inflation report in the coming week could further rattle an increasingly tumultuous U.S. stock market, with investors worried about an economic growth slowdown and President Donald Trump's tariffs.

Wall Street was poised to open with healthy gains on Friday, but nowhere near enough to make up for the losses that have piled up in recent weeks as anxious investors flee for safer holdings in the midst of an escalating U.