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Of the 88% of S&P 500 companies that have released their earnings reports, 84% reported earnings per share that exceeded consensus expectations, with an average exceedance of 2.7%. The market will focus on October CPI and core PCE inflation data next week. Cisco will release its earnings report on Thursday, with the market focused on its progress toward achieving its full-year target of $7.5 billion in AI infrastructure orders. CoreWeave will release its earnings report on Tuesday, with investors watching its AI data center construction and contract backlog. The company, along with emerging cloud service providers like Nebius, faces rising borrowing costs and debt financing pressures. (Source: Investor’s Business Daily) AI Interpretation: Next week's CPI and core PCE data are key indicators for measuring inflation stickiness. The current downward path of inflation faces uncertainty, and the market is using this data to recalibrate its expectations for the Federal Reserve's monetary policy. If inflation data is higher than expected, it will directly reduce the room for interest rate cuts and push up US Treasury yields. Investors need to be wary of the suppressive effect of a rebound in inflation on asset valuations; these macroeconomic data will be core variables determining short-term market risk appetite.