CHRIS VERSACE: Good morning, Action Alerts Plus members. I'm back to discuss a few of the stocks catching my attention this week. But before all of that, let's check in on some of the latest economic data. We discussed the March core CPI data in a note to you yesterday. But the takeaway was that the core CPI was little changed during the March quarter on a year over year basis, hovering between 5.5% and really 5.6%, which still puts it quite a distance away from the Fed's 2% target.

Now, this morning, we got the March PPI report, which did show some good progress on input cost inflation for companies. But given the focus by the Fed on core CPI, what we see in the upcoming April flash PMI data about companies looking to push through price increases will be far more revealing about the path ahead for both headline as well as core CPI.

Now, that data is out late next week. Tomorrow brings the March retail sales report. And we, along with a bunch of other market watchers, will be looking to see what it says about consumer spending. That brings us to some of the stocks I've been watching this week. First up, Mastercard's March SpendingPulse report showed softer overall US retail spending versus February and January. And this morning, Sportsman Warehouse issued simply horrible guidance for its April quarter, the one that we are currently in.

What did Sportsman have to say? Well, it cited the macro environment and consumers being far more cautious with their spending amid, you guessed it, inflation pressures. We see that playing right into our thesis for Costco, remembering that consumers are going to lean in to Costco in order to stretch the disposable spending dollars that they do have. Those comments both from Mastercard and Sportsman Warehouse also hint that tomorrow's retail sales report could be weaker than expected.

Shifting gears over luxury goods company LVMH, it simply reported stellar quarterly results yesterday, those results confirming that luxury goods spending is far more resilient than overall discretionary spending. In particular, LVMH posted strong year over year growth in perfume, cosmetics, and specialty retail, all of which are very positive data points for Coty's Prestige, as well as consumer beauty businesses.

And this morning, the White House is making some noise about its infrastructure bill, announcing several new bridge projects. This earmark, $300 million, brings the total to more than $435 billion, billion with a B, in private sector manufacturing investments and funded 23,000 infrastructure projects across-- I can't believe this-- 4,500 cities and towns.

Now, that's going to add some much needed context around the recent non-residential construction spending data, which was up very strong in February. It also supports our bullish long-term outlook for the shares of both Vulcan Materials as well as United Rentals. Now, that's our Rundown for today. Thanks for joining me. J.D. Durkin will be back tomorrow for a first look at earnings season and a greater look at the March retail sales report with AAP team member Sarge Guilfoyle. Have a great day.