Brothers, it's a new week! For U.S. stocks, the focus is shifting from 'What the Fed says' to 'How businesses and consumers are actually doing.' We’ve talked about rate hikes and the dot plot before—the market’s concern is higher rates for longer. But whether this judgment holds up will need to be verified by data moving forward. This week, I’m mainly watching three areas: whether the economy is cooling down, whether consumer spending remains resilient, and whether AI can deliver more concrete products. 1️⃣ First up, PMI. It’s not just about whether the number is above or below 50. I’m more interested in the subcategories like new orders, employment, and prices: Are businesses still getting enough orders? Are they willing to keep hiring? Is cost pressure easing? If demand remains strong and price pressures don’t drop, concerns about further tightening could persist. On the other hand, if growth slows but doesn’t bring significant inflation relief, investors might feel even more conflicted. 2️⃣ Next, consumer company earnings reports. Costco and General Mills provide key insights into retail and food consumption. When analyzing earnings, it’s not just about whether revenue grew—you need to break it down: Are they selling more units, or are prices higher? Are consumers relying more on discounts? Are companies sacrificing profits to boost sales? These details are far more useful than a blanket statement like 'U.S. consumer spending is strong.' Of course, one company’s performance doesn’t represent the entire U.S. economy, so it’s important to cross-check with other data. 3️⃣ On the tech side, I’m watching Meta Connect. Rather than counting how many times AI is mentioned during the event, I care more about whether the products can integrate into daily life: Do smart glasses have frequent-use scenarios? Is the user experience stable? Are prices accessible to more people? Are developers willing to create apps around them? Launch events can generate buzz, but sustained usage and commercial returns will determine how long the story lasts. Putting it all together, this week is really about observing two things: How long demand can hold up under high interest rates, and whether companies can achieve real growth to justify valuation pressures. For my dollar-cost averaging strategy, the economic calendar is a checklist for observation, not a trading directive. I won’t bet on a direction just because a company is about to report earnings, nor will I abandon my long-term plan because one data point misses expectations. First, I’ll see if the changes are consistent, then assess whether they impact my portfolio logic. This week, let’s focus less on guessing price movements and more on orders, sales, profits, and cash flow. Macro factors determine the funding environment, but ultimately, whether valuations hold up comes down to the companies themselves.