Summary: Equities rallied sharply this week, with the Nasdaq leading at +4.88%, the S&P 500 gaining +3.66%, and the Dow advancing +3.21%, as the 10-year Treasury yield increased by +1 basis point to 4.68%. Economic data was broadly constructive, with University of Michigan sentiment rising to 55.2 in July, its highest level since February, and the S&P Global Manufacturing and Services PMIs both expanding to 53.9 and 54.6 respectively. The ISM Prices Paid index eased to 71.1 from 73.0, a welcome sign on the inflation front, though the labor market showed some softening, as JOLTS job openings fell to 7.359 million and the private sector added just +44,000 jobs in July, down from +95,000 the prior month. On policy, Fed Governor Lisa Cook cautioned that the longer inflation stays above target the harder it will be to control, reiterating her commitment to restoring price stability; markets are now pricing in at least one rate hike by year end. On the corporate side, Palantir (PLTR) increased +29% on strong earnings driven by a +149% increase in commercial revenue; Caterpillar (CAT) rose over +5% after lifting its 2026 sales growth target on strong data center demand; SpaceX (SPCX) fell -13% following its first quarterly report, which revealed $28.5 billion in first-half CapEx, a sixfold increase over last year; and AMD (AMD) dropped over -7% on elevated CapEx, a -31% decline in gaming revenue, and news that SpaceX will switch from AMD to Nvidia chips. Commodities were mostly positive, with spot gold rising +4.9% and spot silver climbing +6.9%, while WTI Crude sold off -7.7% after the US reached a deal with Iran to halt strikes in the Middle East, Bitcoin rose +2.1%, and the dollar was flat on the week.