Summary: Equities fell across the board this week, with the Dow leading the decline at −3.02%, the S&P 500 off −2.01%, and the Nasdaq down −1.89%, while the 10-year Treasury yield jumped +19 basis points to 4.96%. On the economic data, August nonfarm payrolls added +162,000 jobs, well above the +55,000 estimate, with July revised up to +21,000 and unemployment steady at 4.1%. Inflation ran hot, as producer prices rose +0.4% month over month and +5.4% year over year on higher energy and goods costs, while housing stayed soft with existing home sales down −2% in August. On policy, traders raised their bets on a Fed rate hike after hot inflation data, and with the FOMC meeting set for next Wednesday, markets are pricing in a 72% chance of a hike and nearly 2 hikes by year-end. On the corporate side, Taiwan Semiconductor (TSM) slipped −1.7% even as August revenue rose +53% year over year on strong AI demand, while American Eagle (AEO) fell nearly −14% on soft flagship comparable sales and Macy’s (M) dropped −4.7% as its third-quarter guide overshadowed a strong Q2. Commodities were mostly negative, with spot gold and silver down −2.5% and −3.9% as rate hike odds rose. WTI crude jumped over +12% past $100 per barrel on a sharp escalation in the US-Iran conflict. Bitcoin fell −3.1%, and the dollar slipped −0.1%.