Recent record highs near 7,799 in mid-August reflected resilient corporate earnings beats and stronger-than-expected services PMI readings signaling solid Q3 growth, though the index has pulled back to the 7,650 area amid rising 10-year Treasury yields near 4.73% and renewed inflation concerns. Elevated oil prices tied to Iran-related sanctions and debt-ceiling dynamics have kept upward pressure on yields, tempering expectations for near-term monetary easing under Fed Chair Kevin Warsh. Traders are focused on Wednesday’s PCE release and the Jackson Hole symposium for fresh signals on the policy path, with equity positioning reflecting a balance between growth momentum and persistent price pressures.