Next week is where “macro + earnings” starts to overlap. The market will be weighing corporate guidance, policy expectations, and any new headlines that shift risk sentiment. The key is not predicting every move — it’s knowing which variable the tape will obey if volatility picks up.
Markets behave best when the policy path feels predictable. When that predictability breaks — whether through data surprises or political headlines — leadership tightens and the market becomes more reactive.
Investors can tolerate mixed prints. They struggle with a guidance reset. Next week’s signal won’t be last quarter’s result — it will be what companies imply about demand durability and margin pressure into 2026.
MacroNote: The cleanest tell is how the market reacts to bad news. If bad news can’t push the tape down, risk appetite is strong. If small news triggers big moves, positioning is tight.