US Stock Weekly: Which direction will be chosen next week?

This week, U.S. stocks showed a pattern of "consolidating at high levels with internal rotation" near historical highs. The S&P 500 faced resistance and pulled back before the 7,000-point mark due to rising U.S. Treasury yields and geopolitical noise, while the Nasdaq remained relatively resilient thanks to the strength of AI tech stocks. Looking ahead to next week, the macro landscape will see a key showdown between core PCE inflation data and the Fed's rate policy window, alongside a flurry of earnings reports from tech giants. The market may exit this week's "vacuum volatility phase" and make a directional choice driven by both inflation expectations and earnings performance. In the short term, caution is warranted against volatility risks from high valuations, and preparations should be made in advance.