WEEKEND ROUNDUP: Setup into Monday's Open

This week saw renewed strength in mega-cap tech as inflows into the SPDR S&P 500 ETF Trust (SPY) surged, largely driven by robust performances in the tech sector, particularly [NASDAQ: AAPL] which rose by 1% following unexpected iPhone 17 price cuts in China aimed at boosting sales before the 618 Shopping Festival. Nvidia (NVDA) continues to capture investor attention with anticipation building around its upcoming earnings, impacting ETFs like QARP which experienced a twelve-fold surge in volume.

On the macroeconomic front, investors digested a mixed bag of economic signals with eyes toward next week's crucial inflation data. Market participants are on the edge as the Federal Reserve's policy trajectory might adjust based on the upcoming CPI, which could spark movements across various asset classes. In geopolitics, while there wasn't a dramatic shift impacting the broader market directly, stakeholders are closely monitoring China-U.S. relations amidst Apple's strategic price move in China.

Single stock narratives were varied as Altria's (NYSE: MO) unexpected resilience during a broader market selloff was notable, potentially due to renewed optimism about strategic shifts under their new CEO and increased dividend expectations.

An emergent narrative indicates a cautious yet optimistic tilt, underlined by tech strength pushing the broader benchmarks higher. This sentiment is likely to persist into next week as investors await inflation data, which may provide clearer guidance on the Federal Reserve's policy direction and set the tone for market risk appetite.

- Nvidia (NVDA): Market expects pivotal guidance amid AI demand. - Tesla (TSLA): Key updates anticipated from investor day revisits and production figures.

- Wednesday: CPI Inflation Print: Critical for market sentiment and potential Fed policy shifts. - Thursday: Initial Jobless Claims + PPI: Indicators for labor market strength and inflation pressures. - Friday: Consumer Sentiment: Offers insights into consumer confidence impacting spending.

- SPY: Support at 432, resistance at 440 – a breach either way could signal further momentum. - QQQ: Watch 360 support with 368 as a potential breakout level. - IWM (Russell 2000 ETF): Key support at 174, resistance at 182 might challenge recent trend.

Heading into Sunday, the market remains tech-driven and cautious, poised for potential shifts based on mid-week CPI and macro data releases.