Summary: Equities fell across the board this week, with the Nasdaq leading the decline at −2.75%, the S&P 500 down −2.02%, and the Dow down −2.01%, as the 10-year Treasury yield rose +7 basis points to 4.71%. On the economic data, retail sales posted their first decline in nine months in July, falling −0.6% on weakness in online and auto sales, while housing data softened broadly as housing starts dropped −12.4% and pending home sales fell to their lowest level since January 2026. Initial jobless claims eased to 206,000 from 212,000, and the Conference Board’s Leading Index rose +0.2%, turning its 6-month growth rate positive. On policy, FOMC minutes showed Fed officials pointed to the potential for higher rates unless inflation cools, with Chairman Kevin Warsh floating a shift to six meetings a year from eight, and traders are now pricing in a 90% chance of one rate hike by the December meeting. Treasury Secretary Scott Bessent also said the Treasury will at least double repurchases of longer-dated debt in the coming months. On the corporate side, Marvell (MRVL) rose nearly +10% after granting Google a warrant to buy up to $12.2 billion in shares tied to an expanded custom chip partnership, Deere (DE) gained over +4% after raising the low end of its 2026 profit guidance on strong construction demand, and Lowe’s (LOW) rose over +2% despite mixed results, while Walmart (WMT) fell after reporting its slowest US sales growth in more than 6 years. Commodities were mostly positive, with spot gold and silver up +3.3% and +5.4% respectively, WTI crude rose +6.6% after the Trump administration announced a major economic campaign against Iran, Bitcoin jumped +15.8% as the White House pressed Congress to pass the stalled Clarity Act, and the dollar fell −0.80%.