Summary: Equities declined across the board this week, with the Dow down −0.82%, the S&P 500 −0.49%, and the Nasdaq −0.25%, while the 10-year Treasury yield rose +3 basis points to 5.23%. Economic data was mixed. Consumer confidence fell to 81.9 and JOLTS job openings dipped to 7.08 million, though ADP payrolls beat with a 90,000 gain and jobless claims held at 197,000. Core PCE held at 3.0% year-over-year, below estimates, and second-quarter GDP was revised up to 2.2%. On policy, Fed officials were split, with Vice Chair Jefferson and New York Fed President Williams signaling hikes can wait while several others called for more tightening; markets are pricing at least a ~60% chance of another hike by the December 9 FOMC meeting. Among individual names, Accenture (ACN) rose 18% on strong fiscal Q4 results and Micron (MU) gained 3% on an earnings beat, while Nike (NKE) fell nearly 10% after missing revenue estimates and unveiling a restructuring plan. Spot gold and silver fell −2.5% and −5.14%, respectively, while crude oil added +0.5%. On currencies, Bitcoin rose +0.88% and the dollar gained +1.11%.