Huo Xing Finance reports: On October 18, U.S. tech stocks experienced a significant correction last week, with the Nasdaq declining over 4% for the week. As the market digested stronger-than-expected inflation data, it reassessed the narrative that “the economy cannot be broken.” The Federal Reserve has entered its pre-FOMC meeting silence period ahead of the October 28 meeting, with no official statements expected; this week’s pricing will be driven primarily by earnings reports from tech giants and economic data: Meta and Tesla are set to report together, while the semiconductor and memory sectors also enter their earnings disclosure window. This Friday, initial PMI readings from Europe and the U.S. and the final Michigan consumer sentiment index will test the trajectory of rate hikes. On the geopolitical front, Trump has paused comprehensive sanctions and tariff enforcement against Russia, setting a roughly 60-day review window; disruptions to shipping in the Strait of Hormuz and heightened risks in the Middle East continue to support oil price premiums. Key events this week include: Tuesday: NVIDIA GTC Berlin conference opens (through October 22). Wednesday: U.S. API and EIA crude oil inventories for the week ending October 16; In the evening Beijing time, NVIDIA CEO Jensen Huang delivers a keynote speech at GTC Berlin; U.S. markets enter Super Earnings Day, with Meta, Tesla, IBM, and Lam Research reporting earnings after market close. Thursday: U.S. initial jobless claims for the week ending October 17; Pre-market: Nokia reports earnings; after-market: Western Digital and MaxLinear report earnings. Friday: U.S. S&P Global manufacturing and services PMI flash readings for October; U.S. final Michigan consumer confidence index and one-year inflation expectations for October; Japan’s September CPI and October flash PMI readings for manufacturing, services, and composite sectors—market participants use these to gauge inflation pressure ahead of the Bank of Japan’s October 30 policy meeting.
Next Week’s Macro Outlook: Fed Enters Pre-FOMC Silence, Nvidia’s GTC Berlin, Meta and Tesla Earnings in Focus
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Summary
Market sentiment turns cautious as the Fed enters its pre-FOMC silence ahead of its October 28 meeting. The Fear & Greed Index reflects heightened anxiety following the Nasdaq’s more than 4% drop last week. Attention shifts to key earnings reports from Meta and Tesla, along with semiconductor results. Nvidia CEO Jensen Huang speaks at GTC Berlin on Wednesday. U.S. PMI and consumer confidence data are due on Friday. Geopolitical developments include Trump pausing sanctions on Russia, while oil prices remain elevated amid ongoing Middle East tensions.
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