August PCE is the key macro catalyst, with markets focused on whether inflation remains sticky at the expected 3.7% headline and 3.3% core levels. A hotter reading could reinforce higher-for-longer rate expectations and pressure equity valuations, while a softer result could ease Treasury-yield and Fed concerns. Micron’s upcoming earnings are another major catalyst, particularly for AI-related semiconductor demand and memory pricing. The modest declines across the Dow, S&P 500 and Nasdaq suggest investors are maintaining a cautious stance ahead of both events, with PCE likely setting the broader macro tone.