US equity markets posted modest gains for the week, as a blowout earnings report and outlook from Nvidia bolstered confidence in the artificial intelligence trade, though those gains were partially offset on Friday after Federal Reserve Chairman Kevin Warsh delivered hawkish remarks at the Jackson Hole conference, warning that inflation is not meaningfully slowing and that the Fed has “work to do.” The S&P 500 rose 0.5% for the week, with technology-led mega-cap stocks driving the bulk of the index’s gains. Treasury yields were mixed on the week, with short-term yields moving higher amid concerns that persistent inflation could require additional Fed tightening, while longer-term yields declined modestly. WTI crude oil fell approximately 4.2% on the week as rising US crude inventories weighed on prices. The July Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, rose 0.2% month-over-month and 3.7% year-over-year, indicating that inflation remains above the Fed’s 2% target.