The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.

Early Robinhood investor Howard Lindzon, a vocal defender of the company, admitted Tuesday that "Robinhood made some mistakes," adding, "the rules were probably changed" for users when the company restricted buying of dozens of "meme stocks" on its platform in January.

What he's saying: Robinhood users "were playing a game of financial chicken on an app that they love and it blew up. And the rules were probably changed. It has happened to anybody that has invested for 10 years," Lindzon, general partner at Venture Capital firm Social Leverage and co-founder of social media platform StockTwits, said on the latest Voices of Wall Street podcast.

After causing an uproar among users by restricting buying of certain meme stocks on its platform and needing to raise capital to meet regulatory requirements, trading platform Robinhood found itself turning away cash from investors.

What happened: Robinhood raised more than $3 billion over the course of a weekend, largely from early-stage investors in an effort to steady its finances.

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.