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[Inflation Data and Tech Earnings Reports: Market Swings Between Rate Hike Fears and Geopolitical Easing] ⑴ US stocks experienced a shortened trading week due to the holidays, with investors weighing inflation concerns, Federal Reserve uncertainty, and a series of earnings reports from major tech companies. Thursday's core PCE inflation report was in focus, with economists expecting an annualized reading of 3.3%, a level that could keep policymakers cautious. ⑵ Deutsche Bank noted that investors are increasingly pricing in the possibility of future rate hikes rather than cuts. Federal Reserve Governor Waller warned that inflation is once again a key driver of policy and hinted that the Fed may need to abandon its accommodative stance. This shift has pushed up US Treasury yields and dragged down interest rate-sensitive sectors, especially growth stocks. ⑶ From a trading psychology perspective, analysts at deVere Group stated that if energy prices continue to fall, lower yields coupled with softer energy prices will provide support for the stock market. "Tech stocks are particularly likely to benefit, as lower bond yields will improve the valuations of growth companies." This week, Dell, Marvell Technology, Salesforce, Costco, and Snowflake will release their earnings reports. Dell's update on AI infrastructure demand following Nvidia's earnings report will be closely watched. (4) Regarding economic data, Wells Fargo expects the April PCE deflator to rise 0.4%, indicating that while consumer spending remains resilient, it will show more pressure from inflation and high borrowing costs. New home sales and initial jobless claims data will provide clues as to whether higher interest rates are beginning to more significantly slow economic activity. Overall, the market remains caught between persistent inflation risks and expectations that easing geopolitical tensions could support a new round of risk aversion.