This Week's Macro Outlook: Jensen Huang makes an appearance at NVIDIA GTC, the Federal Reserve enters its blackout period, and Meta and Tesla's earnings reports are the market's key focus.

Last week, U.S. tech stocks saw a sharp pullback, with the Nasdaq falling over 4% on the week. While digesting stronger-than-expected inflation data, markets are re-examining the "economy is unbreakable" narrative. The Federal Reserve has entered its pre-FOMC blackout period ahead of the Oct. 28 policy meeting, with no official remarks, so this week’s asset pricing will hinge more on big tech earnings and economic indicators: Meta and Tesla are set to report results, while the semiconductor and storage sectors also enter their earnings reporting window. Friday’s preliminary PMI readings for Europe and the U.S., plus the final Michigan Consumer Sentiment Index, will test the trajectory of interest rate hikes. Geopolitically, Trump has suspended the implementation of full-scale sanctions and tariffs on Russia, setting a roughly 60-day review window. Disruptions to shipping in the Strait of Hormuz and rising tensions in the Middle East continue to support oil price premiums. Key events overview: Tuesday: NVIDIA’s GTC Berlin conference kicks off, running through Oct. 22. Wednesday: U.S. API and EIA crude oil inventories for the week ended Oct. 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 earnings after market close. Thursday: U.S. initial jobless claims for the week ended Oct.17; Nokia releases earnings before U.S. markets open, while Western Digital and MaxLinear report results after the close. Friday: Preliminary S&P Global U.S. Manufacturing and Services PMI for October; final U.S. Michigan Consumer Sentiment Index and 1-year inflation expectations for October; Japan’s September CPI and preliminary October composite/manufacturing/services PMI, as markets monitor price trends ahead of the Oct.30 Bank of Japan policy meeting.