• Monday focus: Federal Reserve policy statement; NVIDIA ($NVDA) artificial intelligence summit held

• Tuesday focus: PepsiCo ($PEP) earnings release

• Important events on Wednesday: FOMC meeting minutes released; 10-year Treasury auction

• Thursday's economic indicators: Consumer Price Index (CPI) and unemployment claims; Tesla ($TSLA) Robotaxi project activity updates

• Friday data summary: Producer Price Index (PPI) and Consumer Confidence Index; JPMorgan Chase (JPM), Wells Fargo (WFC), Blackstone Group ($BLK) earnings release

As we are about to enter the much-anticipated corporate earnings season, optimistic investors are hoping that corporate performance will be able to support and rationalize the current U.S. stock market valuation, which is close to its historical peak.

Labor market data released on Friday significantly exceeded market expectations and provided strong evidence for the continued strong growth of the U.S. economy. Despite rising geopolitical tensions in the Middle East and heightened market volatility recently, the S&P 500 has climbed 20% this year and is approaching a record high.

With the intensive release of corporate earnings reports next week, the market rebound trend will face severe tests. Companies need to show solid profit growth and optimistic outlook for next year to maintain the rising market valuations in recent months.

U.S. consumer price data due next week will provide investors with another important window into the state of the economy. Given Friday’s strong jobs data, market participants are likely to further lower their expectations for the extent of the Federal Reserve’s rate cuts in the coming months.

Futures trading tied to the federal funds rate on Friday showed that market expectations for a 50 basis point rate cut at the Federal Reserve's November meeting had dropped sharply to 5% from more than 30% on Thursday, according to data from the Chicago Mercantile Exchange's FedWatch tool.

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