Bitcoin continued to fluctuate narrowly between $94,000 and $95,000 over the weekend, until a more noticeable decline occurred early today (28th), falling below $93,000, and before publication was reported at $92,911.

In the upcoming week, investors will face a series of key events and data that could bring significant volatility to the financial markets. Notably, the highly anticipated earnings season of tech giants on Wall Street, the U.S. employment report, and the subtly changing U.S.-China trade relations are particularly worth watching.

Tech Giants Earnings Season: Leading or Dragging the Market?

This week is a critical period for U.S. corporate earnings season, as several influential tech giants on Wall Street will successively release their latest quarterly financial reports. Among them, the performance of Apple, Microsoft, Amazon, and Meta, regarded by the market as the 'seven giants,' will undoubtedly be the focal point for global investors.

Market analysis indicates that from early 2025 until now, the overall stock price performance of the 'seven giants' has appeared weak compared to the previous year, partly due to previous excessive gains and market disagreements about future growth prospects. Therefore, the earnings performance of these tech giants this week is crucial for assessing the short- and medium-term direction of the tech stock sector and the overall U.S. stock market.

Key Economic Data: Employment, Inflation, and Fed Policy Fog

In addition to the dense corporate earnings reports, a series of important macroeconomic data this week will also significantly impact market judgments and trends. Among them, the U.S. will release several labor market data, including the unemployment rate for April and the ADP employment report, known as 'little non-farm,' as well as the number of initial jobless claims from last week.

If the upcoming employment data shows that the labor market remains tight (such as a decreasing unemployment rate and continuous wage growth), this may indicate that inflation pressures have not completely eased, potentially reinforcing the Federal Reserve's determination to maintain higher interest rates for a longer period or delaying the market's expectations for rate cuts. Conversely, if the employment data is weaker than expected, indicating a slowdown in the labor market, this may provide the Federal Reserve with more room to cut rates.

Regarding U.S.-China trade relations, despite the overall friction still being present, some signs of easing emerged last week. Reports indicate that China is considering exempting some American pharmaceutical products from the previously imposed 125% tariff as retaliation for U.S. tariffs, and may also suspend tariffs on at least eight types of American semiconductor products.

In the U.S., Treasury Secretary Yellen released some relatively moderate comments earlier, which may help alleviate global supply chain tensions and positively impact market risk sentiment. Nevertheless, the variability of trade policies still requires investors to remain cautious.