Last week, all three major US stock indexes fell together. The S&P 500 dropped 1.4%, the Nasdaq fell 2.1%, and the Dow slid 0.8%. Long-term bond yields kept climbing, putting heavy pressure on the tech “seven giants” and leaving them struggling to breathe. Sector performance was highly divergent—health care rose 4.32%, materials gained 2.28%, and energy climbed 2.58%, while semiconductors, capital goods, and food retail fell 4%–5%. Intraday, the 30-year US Treasury yield briefly surged to 5.338%, the highest level since 2007. Next week, Powell will be making his debut at the Jackson Hole symposium, and on Wednesday there will be the PCE inflation report and Nvidia’s earnings release. Market sentiment is being kept under tight pressure.