U.S. equities rose pre-market ahead of NVDA earnings, July PCE data, and Fed Chair Warsh’s Jackson Hole speech amid inflation concerns and stubbornly high long-dated Treasury yields. Brent crude fell, while BTC gained; gold and silver declined. Chip stocks rebounded on AI optimism in front of the $NVIDIA(NVDA.US) print; $Meta Platforms(META.US) and $Tesla(TSLA.US) both advanced. TSLA raised Cybertruck prices. S&P 2026 EPS estimates continued to climb on AI and energy strength, pushing P/E to 21.0x and a forward earnings yield of 4.7%, matching the 10-year yield for the first time since early 2024. I remain cautious on $Tesla(TSLA.US) due to declining 2027-30 earnings estimates, the commoditization of unsupervised autonomous driving technology, and an extreme valuation (6x PEG, highest by far among Mag 8 stocks).