Summary: Equities sold off sharply this week, with the Nasdaq leading declines at -2.88%, the S&P 500 falling -1.67%, and the Dow slipping -1.60%, as the 10-year Treasury yield jumped +15 basis points to 4.70%. Economic data was broadly constructive, with Housing Starts surging +19% in June after a -15.2% decline the prior month, consumer sentiment improving as the University of Michigan index rose to 54.4 from 49.5, and MBA Mortgage Applications rebounding +1.9%. The labor market showed notable strength as Initial Jobless Claims fell by 22,000 to 187,000, the lowest level since 1969, though the Leading Economic Index slipped -0.2% in June on weak consumer expectations and a drop in building permits. With the FOMC set to announce its rate decision on Wednesday, July 29th, intensifying geopolitical tensions have left the Fed in an increasingly challenging position; markets are now pricing a 36% probability of a hike next week and have fully priced in 1 hike by September as elevated oil prices pose an inflation risk despite June CPI showing modest cooling. On the corporate side, Tesla (TSLA) tumbled over -14% and Alphabet (GOOGL) sank nearly -7%, both on concerns around stepped-up AI spending, GE Vernova (GEV) declined nearly -9% despite raising its revenue outlook, ServiceNow (NOW) fell nearly -4% despite strong quarterly results, and Eli Lilly (LLY) slipped -1% after Novo Nordisk (NVO) filed a lawsuit over its drug advertising. Commodities remained volatile as the US-Iran conflict escalated and the Strait of Hormuz stayed front and center, with WTI Crude surging +11.4% to fresh highs, while spot gold rose +0.8%, spot silver climbed +3.1%, Bitcoin gained +1.6%, and the dollar advanced roughly +0.7%.