On May 10, this week, both the US-Iran conflict and the Russia-Ukraine conflict showed major signs of peace, significantly easing geopolitical risks. Next week, whether the two geopolitical conflicts can cool further is a key point to watch. In addition, next week’s macro events will focus on the US April CPI data, as follows:

On Tuesday at 15:15, FOMC permanent voting member and New York Fed President Williams takes part in a panel discussion on monetary policy;

On Tuesday at 20:15, the US weekly change in ADP employment for the week ending April 25;

On Tuesday at 20:30, US April CPI data;

On Wednesday at 04:30, the US API weekly crude oil inventory for the week ending May 8;

On Wednesday at 20:30, US April PPI annual and monthly rates;

On Friday at 05:30, Federal Reserve Governor Barr delivers a speech;

On Friday at 21:15, the US April industrial production monthly rate.

Lastly, next week the Federal Reserve will see major personnel changes. The nominee chair, Kevin Wash, is expected to be confirmed by the Senate on Monday and officially take over from Powell on May 15.

As for US stocks, as of this Friday, a new round of surges has pushed the S&P 500 index up 8% cumulatively in 2026, continuing its rise on the back of two consecutive years of double-digit returns over the past three years. The tech-heavy Nasdaq Composite index is up nearly 13% year-to-date, and both major indices have hit record highs. Although the first-quarter earnings season is nearing its end, corporate reports in the coming days will still be a key driver of stock prices.