Xi Jinping Summit, Costco Earnings and September PMI Headline Pivotal Market Week

Chinese President Xi Jinping arrives in Washington on September 23 for summit talks September 24 covering tariffs, semiconductor export controls, AI competition and Taiwan tensions. Markets are watching for tariff relief announcements that could trigger sector rallies and ease inflation expectations. Costco (COST) reports fiscal fourth-quarter earnings Thursday, testing consumer resilience across middle- and upper-income households. Same-store sales, membership renewal rates and e-commerce metrics will gauge whether spending is weathering elevated prices. Preliminary September Manufacturing and Services PMI land Wednesday at 9:45am ET, offering the first read on fourth-quarter momentum. Services account for roughly 70% of GDP. Crude oil inventories follow at 10:30am. Long-end Treasury yields near the 5% threshold continue pressuring equity valuations, with technology and growth stocks most exposed. Xi departs September 25, closing high-stakes negotiations that could reshape trade relationships.