Markets remained muted early in the week as investors awaited direction from Nvidia’s earnings and Fed Chair’s speech at Jackson Hole. Nvidia raised its guidance, reinforcing the AI growth story, but markets remained under pressure after Kevin Warsh suggested that financial conditions may not be restrictive enough to contain inflation. Although he offered no signal on September policy, rate-hike odds rose from 35% to 58%, while the 10-year Treasury yield hovered near its 52-week high.