**[Next Week's Macro Outlook: Nonfarm Payrolls "Invisible," Tariff Case Trial, Gold Enters Seasonal Strength Period]** This week began with a series of potential risks, but thanks to efforts from all sides, these risks were resolved one by one, and market sentiment temporarily turned positive. The Federal Reserve's hawkish outlook benefited the U.S. dollar, pushing the dollar index to a two-month high. All of the "Big Seven" U.S. tech companies delivered positive earnings reports and outlooks, allowing the artificial intelligence boom to continue its strong momentum. Below are the key points the market will focus on in the coming week: - **Monday, 22:45**: U.S. October S&P Global Manufacturing PMI Final Reading; - **Tuesday, 01:00**: 2027 FOMC voting member and San Francisco Fed President Mary Daly speaks; - **Tuesday, 23:00**: U.S. September JOLTS Job Openings; - **Wednesday, 21:15**: U.S. October ADP Employment Change; - **Thursday, 21:30**: U.S. Initial Jobless Claims for the week ending November 1; - **Friday, 00:00**: Permanent FOMC voting member and New York Fed President John Williams speaks; - **Friday, 01:00**: 2026 FOMC voting member and Cleveland Fed President Loretta Mester speaks at the Economic Club of New York; - **Friday, 05:30**: 2026 FOMC voting member and Philadelphia Fed President Patrick Harker speaks; - **Friday, 06:30**: 2025 FOMC voting member and St. Louis Fed President James Bullard participates in a fireside chat on monetary policy; - **Friday, 16:00**: Permanent FOMC voting member and New York Fed President John Williams speaks at the ECB Money Market Conference. Next week will see the release of a large amount of U.S. private sector data. Specifically, the usually overlooked JOLTS Job Openings and Challenger Job Cuts data will receive the attention they deserve. However, understandably, all eyes will be on the two ISM surveys and the ADP employment report. A series of weak data releases next week could reignite market expectations for a rate cut in December.