Weekly headings snapshot

• This week, we explain why the recent rise in yields may be creating an opportunity in the bond market. • Housing starts plunged 12.4% MoM in July, highlighting continued weakness in new residential construction. • The S&P 500 declined ~2% WTD, snapping a three-week winning streak, as higher rates dampen sentiment. • The Treasury announced it will double its long-end Treasury buyback, triggering a brief rally in longer maturities. • The US dollar is on pace for its first quarterly decline since 2Q25’s trade war turmoil.

2Q26 Earnings Season PCE Price Index Jackson Hole Symposium

Next week, attention will shift back to the The July PCE Price Index (the Fed’s Warsh's Jackson Hole speech (Aug. 28) will AI theme via earnings results from NVIDIA preferred inflation measure) will be be key as investors seek clarity on the Fed's on Wednesday evening for insights into released Wednesday. We expect core PCE policy stance after recent mixed messaging the demand outlook for AI infrastructure. to soften from +3.3% to +3.2% YoY. fueled market volatility.

Return Statistics Key Market Levels Economic Calendar Region Weekly YTD Index Level Date Event

S&P 500 -2.0% 12.5% S&P 500 7,641 MON 8/24 Russell MidCap -1.8% 17.7% DJIA 52,759 New Home Sales Russell 2000 -1.9% 21.4% 2-Yr Treasury Yield 4.19% TUE 8/25 Consumer Confidence FHFA/C-S Home Price Indices AC World -1.4% 14.0% 10-Yr Treasury Yield 4.70% PCE Emerging Markets 0.3% 22.9% 30-Yr Treasury Yield 5.24% WED 8/26 Q2 GDP (2nd Est.) Durable Orders US Aggregate Bond -0.2% -0.2% EUR/USD 1.17 THU 8/27 Wholesale Inventories BG Commodity 3.7% 27.1% WTI Crude Oil ($/bbl) 87

US Dollar -1.1% 0.6% Gold ($/ozt) 4,571 FRI 8/28 BLS Payroll Guidance (1st Est.)

Weekly performance calculated from Thursday close to Thursday close. FactSet as of: 8/20/2026

Disclosures The DJIA is an unmanaged index of 30 widely held stocks. The S&P 500 is an unmanaged index of 500 widely held stocks. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more volatility than those of large company stocks. The S&P Equal Weight Index is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight - or 0.2% of the index total at each quarterly rebalance. The Russell 2000 and Russell Midcap indices are unmanaged indexes of small cap and midcap securities, respectively, which generally involve greater risks. US government bonds and Treasurys are guaranteed by the US government and, if held to maturity, generally offer a fixed rate of return and guaranteed principal value. U.S. government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. AC World (or MSCI All Country World Index) is a stock index designed to track broad global equity-market performance. The EM (“Emerging Markets”) is a selection of stocks that is designed to track the financial performance of key companies in fast-growing nations. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar- denominated, fixed-rate taxable bond market. The CBOE Volatility Index (VIX), also known as the Fear Index, measures expected market volatility using a portfolio of options on the S&P 500. The Bloomberg Commodity Index is a broadly diversified commodity price index distributed by Bloomberg Index Services Limited. The US Dollar Index is a measure of the value of the U.S. dollar against six other foreign currencies. The currency pair EUR/USD indicates how many U.S. dollars (the quote currency) are needed to purchase one euro (the base currency). Municipal securities typically provide a lower yield than comparably rated taxable investments in consideration of their tax-advantaged status. Investments in municipal securities may not be appropriate for all investors, particularly those who do not stand to benefit from the tax status of the investment. Please consult an income tax professional to assess the impact of…