U.S. stock investors will assess whether equity indexes can reach new all-time highs as they weigh the Federal Reserve’s interest-rate trajectory, Middle East tensions and demands for slower artificial-intelligence development. The Federal Reserve raised interest rates on Wednesday for the first time in three years to combat inflation above its target, but investors remain uncertain about how many further increases may follow and how higher rates will affect Treasury yields. The decision had largely been priced into markets and was viewed as a credibility test for new Fed Chair Kevin Warsh, whom President Donald Trump selected for the role despite repeatedly calling for lower rates. Fed funds futures on Thursday indicated roughly even odds of another increase at the October meeting, while several policymakers are expected to speak next week. Their comments could offer clues about the rate cycle, particularly because Warsh has said he wants to avoid providing forward guidance. The S&P 500 rose more than 11% for the year and remained about 2% below its mid-August record after stocks gained on Thursday as U.S. crude fell to $101 a barrel and the 10-year Treasury yield declined to 4.93%. B. Riley Wealth chief market strategist Art Hogan identified 5% for the 10-year yield and $100 a barrel for oil as psychological thresholds for investors. Economic surveys covering manufacturing, services and consumer sentiment may provide additional clues about inflation in a relatively light data week. Markets will also watch an anticipated visit by Chinese President Xi Jinping to the U.S., including a meeting with Trump expected on Thursday. Artificial intelligence development and semiconductor restrictions could affect technology shares, which represent 38% of the S&P 500. The sector has gained more than 20% in 2026 but has fallen since early June. Industry leaders’ calls for slower AI development and possible regulation have weighed modestly on semiconductor stocks, although investors are seeking more concrete evidence before concluding that the AI spending theme is in trouble. Franklin Templeton Institute head investment strategist Jeff Schulze said any weakness tied to such developments could create a buying opportunity and argued that regulation was unlikely to significantly curtail investment or model development. He also said strong corporate earnings could provide a valuation base for the market to rise, particularly if long-term bond yields continue to decline.