Summary: Equities rebounded this week after last week’s pullback, rising across the board with the Nasdaq leading at +1.82%, the Dow up +1.54%, and the S&P 500 gaining +1.18%, as the 10-year Treasury yield fell down −2 basis points to 4.68%. On the economic data, a preliminary reading of the S&P Global US Manufacturing PMI eased to 53.2 from 53.9, while the Services PMI rose to 56.8 from 54.6 on a sharp pickup in new business. Housing stayed soft as new home sales fell −10.5% in July under the weight of high borrowing costs, and consumer confidence slipped to 89.2 from 90.2. On inflation, July PCE increased+0.2% month over month and +3.7% year over year, while a second reading of Q2 GDP confirmed +1.5% growth and jobless claims eased to 203K. On policy, markets await Fed Chairman Kevin Warsh’s keynote at Jackson Hole on Friday, with the Fed offering no clear signal on rates and traders pricing in 1 hike by the December meeting. On the corporate side: 1) NVIDIA (NVDA) rose nearly +9% after strong Q2 earnings and a guide to roughly +70% revenue growth next fiscal year; 2) CrowdStrike (CRWD) gained over +20% on a record quarter tied to agentic AI security demand; 3) and Salesforce (CRM) climbed over +22% on a strong outlook and a $2.6 billion gain on its Anthropic stake. However, Dick’s Sporting Goods (DKS) fell −30% after announcing plans to close its underperforming Foot Locker stores. Commodities were mixed. Spot gold and silver rose +0.04% and +0.50%, respectively, while WTI crude fell −3.9% as the US moved ahead with June’s Iran peace deal., Bitcoin rallied +3.8% to top $80,000, and the dollar rose +0.33%.