Good morning and Happy Friday and Jackson Hole Day,
 
Yesterday the S&P rose 0.7% but the equal-weight notably fell 0.2% as every sector outside of Tech was lower. For tech, NVDA’s blowout earnings and 70% growth guide were an obvious highlight, and the stock bucked the recent trend of sell-offs after strong reports by jumping 9%. However software did the heavy lifting as the IGV ETF rose 8% on the back of CRM and CRWD (and others) gaining over 20% after reporting earnings. The SAAS-pocolypse appears to be over, for now.  Staples and Healthcare were the worst performers. Crude rose 2% but yields were about unchanged, though they have drifted higher the past three days.
 
We’ve confronted two of the three marquee market events this week (PCE and NVDA), with only Fed chair Warsh’s speech at 10am ET at the Jackson Hole meeting remaining in the triumvirate.  Ahead of the Open, the market looks like the airspace over LaGuardia during a storm- one big holding pattern. Equity futures are around unchanged, though moving to their very modest highs, yields have been trading around the same, commodities are mixed and the Dollar is flat. Warsh’s speech has drawn considerable attention, given the mixed takeaways from his last meeting, his desire to fundamentally change Fed operations broadly (from communication to data analysis) and next month’s policy meeting, at which the market is pricing a 65% chance of a hold. And this was all before the Treasury broadened its market intervention from FX to Treasuries last week.
 
                
 
GAP and AFRM are trading higher after their earnings. However Marvel is down over 5% on its report (though it was a solid one) while software names, ADSK, S, PD and RBRK and lower as well.
 
Treasuries are up 1bp across the curve while the US Dollar Index is flat.
 

• US 2yr +1bps to 4.24%, 5yr +1bps to 4.41%, 10yr +1bps to 4.68%, 30yr +1bps to 5.20%
• USD index: +$0.02 to $99.12

European equites are modestly higher with France outperforming as consumer/luxury names trade well.  Autos, miners and chemicals and financials are driving gains across the continent. The major indices are mixed for the week with Germany leading. CPIs came in slightly higher than expected but Economic Sentiment was better than expected. The Nikkei rose 0.4% overnight and ends the week up 0.6%.  Kioxia fell 9% after rising 5% yesterday post-NVDA earnings. Plans for memory capacity buildouts and NVDA commentary about supply/pricing being squeezed for less than what has ben largely thought have swung the stocks of those names around. For the week Hang Seng fell just under 2%, dragged down by Alibaba while Shanghai rose 1%. Most other tech names were higher. PM Takaichi comments underscored her administration’s commitment to stimulative spending.  August Core CPI for Tokyo was inline with expectations and ticked up from last month.  In China Hong Kong and Shanghai were around unchanged. A report from the South China Morning Post said that an extension of the US-China trade truce was “almost certain”. Chinese memory maker CXMT, fresh off its recent Shanghai IPO, reported revenue rose over 800% y.y, to $22.4B in the six months to June. Regional news has been focused on the horrific mudslide that hit the Nepal-China border.
 

 
Crude is modestly lower after rising yesterday, and is looking to end the week down 5% and below $90. US Nat Gas is pulling back from its test of the 50d ma and relative strength this week. Gold is modestly lower, continuing to pull back after a run from $4100 to $4750 since August 5. Ag continues to move higher with geopolitical concerns combining with weather outlooks. Bitcoin and ETH are modestly lower, with Bitcoin falling back below $80k.
 

 
Earnings
After-Market: AFRM, ADSK, GAP, IREN, MRVL, PD, RBRK, S, ULTA, WDAY
Pre-Market: FRO
 
Economic Data:
US:

• 9:45am Chicago PMI
• 10:00am Payrolls annual revision
• 10:00am Warsh Jackson Hole speech
• 10:00am final Univ Mich sentiment
• 1:00pm Rig count

Global:

• Tokyo Core CPI: 1.8% vs 1.8% cons, prior 1.7%
• Japan unemployment: 2.4% vs 2.5% cons, prior 2.5%
• France CPI m.m: 0.7% vs 0.6% cons, prior 0.6%
• Spain CPI m.m: 0.7% vs 0.6% cons, prior 0.6%
• Germany Unemployment: 6.4% vs 6.4% cons, prior 6.4%
• EU Economic Sentiment: 98.4 vs 97.5 cons, prior 97.1
• India Industrial Production: 6.7% vs 6.0% cons, prior 8.8% (revised from 7.3%)
• Canada GDP annualized: 3.3% vs 3.4% cons, prior 3.3%