Next week is another blockbuster earnings week for U.S. stocks, with earnings reports from Apple, AMD, Palantir, Cloudflare, Shopify, and others already compiled. Even more critical are two major macro events: the U.S. midterm elections on November 3 and the non-farm payrolls report on October 6. Pay close attention to capital expenditures—tech companies’ earnings reports and conference calls will provide guidance on our investment direction for the next six months. If the market survives the month following the midterm elections, it is likely to enter an upward trend. Since 1946, in all 20 midterm election cycles, the S&P 500 has never declined over the subsequent 12 months, with an average return of +14.8% and a median return of +14.2%.