US stocks mixed pre-market after Warsh’s hawkish Jackson Hole speech lifted September rate hike odds to 62%. I am skeptical the Fed will move in September given slowing jobs and stable inflation. Brent rose 2% on renewed US-Iran strikes. 2- and 10-yr treasury yields eased, #BTC dipped but is +21% in August. Chip stocks were mixed (NVDA +0.5%). 2026 S&P EPS are now up +31% y/y to $346 on AI and energy sector gains, putting the S&P 500 2026 P/E at 21.2x, matching the 10-year yield. I remain cautious on $Tesla(TSLA.US) amid falling long-term estimates, the ongoing commoditization of unsupervised autonomy, and a 210x 2026 P/E versus +35% long-term earnings growth implying a 6x PEG, by far the highest among the Mag 8.