U.S. equities advanced for a second straight week, with the S&P 500 rising 0.9%, the Dow Jones Industrial Average adding 1.7% and the Nasdaq Composite gaining 0.8%. Small-caps out-performed, lifting the Russell 2000 by 3.1%. The risk-on tone persisted even as a late-Friday dip in consumer-sentiment indicators trimmed intraday gains. Benchmark Treasury yields firmed, with the 10-year note up four basis points, while Bitcoin edged 1.2% higher. Attention now turns to the Federal Reserve’s annual Jackson Hole Economic Policy Symposium, which opens Thursday in Wyoming. Chair Jerome Powell is scheduled to speak on Friday, and investors will parse his remarks for clues on whether the central bank is warming to rate cuts after a year-long pause in policy tightening. Global monetary officials, academics and finance ministers are expected to attend the Aug. 21–23 gathering, heightening its potential market impact. Trading desks anticipate a relatively quiet start to the week before Wednesday’s release of the European Union’s July inflation report, followed by Powell’s appearance two days later. Derivatives positioning and strategist notes suggest markets are bracing for volatility should policymakers push back against growing calls for easier financial conditions.