This was a week where the Fed took the wheel back from earnings season. NVDA delivered a clean beat-and-raise with Huang defusing the circular-financing and open-model bear cases, and memory scarcity got validated up and down the chain, but none of it could produce a durable rally once Warsh's hawkish Jackson Hole speech and Schmid's 'stubborn inflation' commentary torched September rate-cut hopes and sent hike odds to 60%. Gold, bitcoin, and momentum names bled out Friday while chip tariff headlines (AVGO, AMD) and a baffling Marvell post-beat selloff reinforced a market itching to take profits after a monster 2026 run. Biotech and financials-heavy 'shared favorites' baskets kept quietly grinding higher as the hedge trade of choice. Overall mood: fundamentals are fine, but macro (Fed hawkishness, tariffs, Iran) is back in the driver's seat and the tape is tired.