Next week's macro outlook: Fed enters blackout period, Jensen Huang to appear at GTC Berlin, Meta and Tesla earnings in focus

On October 18, U.S. tech stocks saw a notable pullback last week, with the Nasdaq falling more than 4% for the week. As the market digested stronger-than-expected inflation data, it re-examined the "economy can't be killed" narrative. With the Federal Reserve now in its blackout period ahead of the October 28 FOMC meeting and officials no longer speaking, this week's market pricing will depend more on tech giant earnings and economic data: Meta and Tesla will report results in close succession, and the semiconductor and memory sectors also face an earnings disclosure window; Friday's preliminary European and U.S. PMI readings and final University of Michigan confidence reading will serve as important references for testing the rate-hike path. On the geopolitical front, Trump suspended comprehensive sanctions on Russia and tariff enforcement, setting an assessment window of about 60 days; disruptions to shipping through the Strait of Hormuz and the risk of escalation in the Middle East continue to support the oil price premium. Key events at a glance: On Tuesday, Nvidia's GTC Berlin conference opens (running through the 22nd). On Wednesday, the U.S. releases API and EIA crude oil inventory data for the week ending October 16; in the evening Beijing time, Nvidia CEO Jensen Huang delivers a keynote at GTC Berlin; U.S. stocks enter a super earnings day, with Meta, Tesla, IBM, and Lam Research reporting after the close. On Thursday, the U.S. releases initial jobless claims for the week ending October 17; Nokia reports before the U.S. market open, while Western Digital and MaxLinear report after the close. On Friday, the U.S. releases preliminary October S&P Global manufacturing and services PMI readings, as well as the final October University of Michigan consumer sentiment index and final one-year inflation expectations; Japan releases September CPI and preliminary October composite/manufacturing/services PMI, giving the market a read on price trends ahead of the Bank of Japan's October 30 decision.