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.

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.

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.