US equity markets showed mixed results following Fed Chair Kevin Warsh's modestly hawkish remarks at Jackson Hole, which pushed short-term Treasury yields higher and increased expectations for a September rate hike to nearly 60%. Warsh emphasized the Fed's commitment to a 2% inflation target and left open the possibility of further rate increases if inflation remains elevated. The S&P 500 rose 0.5%, supported by strong NVIDIA earnings that eased AI-related concerns, while mid- and small-cap stocks underperformed due to rising rate expectations. Real Estate Investment Trusts (REITs) lagged for a second consecutive week, although EastGroup became the 61st REIT to raise dividends this year. Casino REITs faced pressure despite improving Las Vegas trends, prompting an upgrade of VICI to a "Best Idea."
